TMC the metals (NASDAQ:TMC) Shares Down 4.2% on Insider Selling

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) dropped 4.2% during mid-day trading 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 business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the transaction, the director owned 197,586 shares in the company, valued at $1,458,184.68. The trade was a 18.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brendan May sold 25,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $7.80, for a total value of $195,000.00. Following the completion of the transaction, the director owned 241,790 shares in the company, valued at approximately $1,885,962. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TMC shares. HC Wainwright began coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their target price for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th.

TMC the metals Stock Up 11.9%

The stock has a market cap of $2.59 billion, a P/E ratio of -31.04 and a beta of 1.57. The stock has a fifty day simple moving average of $4.53 and a 200-day simple moving average of $2.66.

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 the consensus estimate of ($0.03) by ($0.03). Sell-side analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently bought and sold shares of TMC. Goldman Sachs Group Inc. bought a new stake in TMC the metals during the first quarter worth about $211,000. Baird Financial Group Inc. increased its holdings in shares of TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock valued at $5,067,000 after purchasing an additional 766,167 shares during the last quarter. Magnetar Financial LLC bought a new position in TMC the metals in the 1st quarter valued at about $86,000. OMERS ADMINISTRATION Corp bought a new position in shares of TMC the metals during the first quarter worth approximately $79,000. Finally, Old West Investment Management LLC lifted its holdings in shares of 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 buying an additional 2,135,038 shares in the last quarter. 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.