TMC the metals (NASDAQ:TMC) Stock Price Down 1.5% - Here's What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded down 1.5% on Friday . The stock traded as low as $6.76 and last traded at $7.08. 4,040,176 shares were traded during trading, a decline of 3% from the average session volume of 4,169,838 shares. The stock had previously closed at $7.18.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TMC shares. HC Wainwright started coverage on shares of TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $6.00 to $11.00 in a research report on Wednesday.

TMC the metals Stock Down 2.4%

The firm has a 50-day moving average price of $4.22 and a two-hundred day moving average price of $2.50. The firm has a market cap of $2.54 billion, a PE ratio of -30.46 and a beta of 1.46.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Transactions at TMC the metals

In other news, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the sale, the insider now owns 1,125,667 shares in the company, valued at $5,054,244.83. This trade represents a 12.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the transaction, the chief financial officer now owns 1,145,717 shares in the company, valued at $1,901,890.22. This represents a 23.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

A number of hedge funds and other institutional investors have recently modified their holdings of TMC. Allworth Financial LP boosted its stake in TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after buying an additional 4,796 shares during the period. Sprott Inc. acquired a new position in shares of TMC the metals in the 1st quarter worth approximately $26,000. Gray Wealth Management Inc. boosted its position in shares of TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in TMC the metals in the 4th quarter valued at approximately $28,000. Finally, Raymond James Financial Inc. purchased a new stake in TMC the metals in the fourth quarter valued at approximately $28,000. 4.39% of the stock is owned by institutional investors and hedge funds.

About TMC the metals

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean.

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