TMC the metals (NASDAQ:TMC) Stock Price Down 4.9% - Here's Why

Key Points

• TMC the metals company shares fell 4.9% on Wednesday, closing at $10.17, with trading volume down by 62% from its average.
• The company recently experienced a rating change, with Zacks Research upgrading their rating from "strong sell" to "hold," while other analysts maintain a mix of ratings, leading to a consensus rating of "hold."
• Insider Erika Ilves sold 1.59 million shares at an average price of $5.77, representing a 58.14% decrease in her ownership stake.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded down 4.9% on Wednesday . The company traded as low as $9.93 and last traded at $10.17. 3,357,954 shares traded hands during trading, a decline of 62% from the average session volume of 8,768,201 shares. The stock had previously closed at $10.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and set a $7.25 target price on shares of TMC the metals in a research report on Monday, August 18th. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Wedbush raised 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 research report on Wednesday, June 25th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $7.33.

TMC the metals Stock Down 11.7%

The firm has a 50 day simple moving average of $6.11 and a 200-day simple moving average of $5.14. The stock has a market cap of $3.84 billion, a P/E ratio of -25.53 and a beta of 1.70.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). On average, equities analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Erika Ilves sold 1,591,485 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the transaction, the insider owned 1,145,792 shares in the company, valued at approximately $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anthony O'sullivan sold 250,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total value of $1,312,500.00. Following the transaction, the insider owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their position. The disclosure for this sale can be found here. 27.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new position in TMC the metals during the 2nd quarter worth $28,000. Wolverine Asset Management LLC increased its stake in TMC the metals by 752.6% during the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after acquiring an additional 4,365 shares during the period. KBC Group NV bought a new position in TMC the metals during the 2nd quarter worth $37,000. Quantbot Technologies LP bought a new position in TMC the metals during the 2nd quarter worth $48,000. Finally, Marex Group plc bought a new position in TMC the metals during the 2nd quarter worth $66,000. 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.

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