TMC the metals (NASDAQ:TMC) Stock Price Down 1.5% After Insider Selling

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price was down 1.5% on Friday following insider selling activity. The company traded as low as $6.76 and last traded at $7.08. Approximately 4,040,176 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 4,169,838 shares. The stock had previously closed at $7.18.

Specifically, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $7.38, for a total value of $326,225.52. Following the sale, the director directly owned 197,586 shares in the company, valued at approximately $1,458,184.68. The trade was a 18.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brendan May sold 25,000 shares of TMC the metals stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $7.80, for a total value of $195,000.00. Following the completion of the sale, the director directly owned 241,790 shares in the company, valued at $1,885,962. This represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms recently commented on TMC. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright assumed coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price for the company.

TMC the metals Trading Down 3.1%

The company has a fifty day moving average price of $4.29 and a two-hundred day moving average price of $2.57. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -28.69 and a beta of 1.45.

TMC the metals (NASDAQ:TMC - Get Free Report) last released 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). As a group, equities research analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its position 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 purchasing an additional 4,796 shares during the last quarter. Sprott Inc. purchased a new position in TMC the metals in the first quarter worth approximately $26,000. Gray Wealth Management Inc. increased its stake in TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after acquiring an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals in the 4th quarter valued at $28,000. Finally, Raymond James Financial Inc. purchased a new position in shares of TMC the metals during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

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.