TMC the metals (NASDAQ:TMC) Stock Price Down 4.2% After Insider Selling

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares were down 4.2% on Monday after an insider sold shares in the company. The stock traded as low as $6.45 and last traded at $6.53. Approximately 3,544,611 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 7,429,763 shares. The stock had previously closed at $6.81.

Specifically, Director Brendan May sold 44,204 shares of the firm's stock in a transaction dated 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 transaction, the director now directly owns 197,586 shares in the company, valued at $1,458,184.68. This trade represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brendan May sold 25,000 shares of TMC the metals stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $7.80, for a total transaction of $195,000.00. Following the transaction, the director now directly owns 241,790 shares of the company's stock, valued at $1,885,962. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

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

TMC the metals Stock Performance

The stock's fifty day moving average is $4.29 and its two-hundred day moving average is $2.57. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -28.37 and a beta of 1.45.

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

Institutional Inflows and Outflows

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

TMC the metals Company Profile

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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