TMC the metals (NASDAQ:TMC) Shares Down 3.7% - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price traded down 3.7% during trading on Wednesday . The stock traded as low as $6.38 and last traded at $6.32. 2,331,539 shares changed hands during trading, a decline of 48% from the average session volume of 4,460,142 shares. The stock had previously closed at $6.56.

Wall Street Analyst Weigh In

TMC has been the topic of a number of research reports. HC Wainwright initiated coverage on TMC the metals in a research note on Tuesday, May 20th. They set a "buy" rating and a $5.50 price target on the stock. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th.

TMC the metals Price Performance

The stock has a fifty day moving average price of $4.87 and a 200 day moving average price of $2.86. The stock has a market capitalization of $2.54 billion, a P/E ratio of -30.56 and a beta of 1.57.

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

Insider Buying and Selling at TMC the metals

In related news, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $7.38, for a total transaction of $326,225.52. Following the completion of the sale, the director owned 197,586 shares of the company's stock, valued at approximately $1,458,184.68. This trade represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the sale, the insider owned 1,125,667 shares in the company, valued at $5,054,244.83. The trade was a 12.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 233,521 shares of company stock valued at $1,259,009 in the last three months. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised 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 valued at $25,000 after purchasing an additional 4,796 shares in the last quarter. Sprott Inc. purchased a new stake in TMC the metals during the first quarter valued at about $26,000. Gray Wealth Management Inc. raised its position 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 valued at $27,000 after purchasing an additional 8,863 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in TMC the metals during the fourth quarter valued at about $28,000. Finally, Foster Dykema Cabot & Partners LLC purchased a new stake in TMC the metals during the first quarter valued at about $44,000. 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.