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TMC the metals (NASDAQ:TMC) Shares Down 3.7% - Time to Sell?

TMC the metals logo with Basic Materials background

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price traded down 3.7% during trading on Wednesday . The company traded as low as $6.38 and last traded at $6.32. 2,331,539 shares were traded during mid-day 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 Analysts Forecast Growth

TMC has been the subject of several recent analyst reports. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright initiated coverage on shares of TMC the metals in a report on Tuesday, May 20th. They set a "buy" rating and a $5.50 price target for the company.

View Our Latest Research Report on TMC

TMC the metals Price Performance

The firm's 50 day moving average price is $4.87 and its 200-day moving average price is $2.86. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -29.78 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). Analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On TMC the metals

Institutional investors have recently added to or reduced their stakes in the stock. First Manhattan CO. LLC. raised its holdings in shares of TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after buying an additional 10,025,000 shares in the last quarter. Old West Investment Management LLC raised its stake in TMC the metals by 100.0% during the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company's stock worth $7,345,000 after acquiring an additional 2,135,038 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of TMC the metals by 7,330.9% during the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after acquiring an additional 1,364,424 shares during the period. Shay Capital LLC boosted its stake in shares of TMC the metals by 965.6% in the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after purchasing an additional 844,904 shares in the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of TMC the metals by 35.1% in the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock worth $5,067,000 after purchasing an additional 766,167 shares during the last quarter. 4.39% of the stock is owned by institutional investors and hedge funds.

About TMC the metals

(Get Free Report)

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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