TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) was down 8.8% during mid-day trading on Tuesday . The company traded as low as $6.87 and last traded at $6.80. Approximately 4,679,138 shares were traded during trading, a decline of 42% from the average daily volume of 8,013,920 shares. The stock had previously closed at $7.45.
Analyst Ratings Changes
A number of research analysts recently issued reports on TMC shares. HC Wainwright assumed coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They set a "buy" rating and a $5.50 target price for the company. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th.
Check Out Our Latest Analysis on TMC
TMC the metals Trading Down 1.2%
The firm's fifty day moving average price is $6.11 and its 200 day moving average price is $3.57. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -25.52 and a beta of 1.59.
TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the sale, the insider owned 1,125,667 shares in the company, valued at $5,054,244.83. This represents a 12.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brendan May sold 44,204 shares of the firm's 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 $1,458,184.68. This trade represents a 18.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 233,521 shares of company stock valued at $1,259,009. 27.60% of the stock is owned by company insiders.
Institutional Investors Weigh In On TMC the metals
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of TMC the metals during the second quarter worth about $234,000. Yukon Wealth Management Inc. acquired a new position in TMC the metals during the second quarter valued at approximately $125,000. Focus Partners Advisor Solutions LLC acquired a new position in TMC the metals during the second quarter valued at approximately $201,000. Caitong International Asset Management Co. Ltd lifted its position in TMC the metals by 1,519.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 26,105 shares of the company's stock valued at $172,000 after buying an additional 24,493 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of TMC the metals by 11.9% during the second quarter. Concurrent Investment Advisors LLC now owns 37,868 shares of the company's stock valued at $250,000 after purchasing an additional 4,023 shares during the period. 4.39% of the stock is currently owned by hedge funds and other institutional investors.
TMC the metals Company Profile
(
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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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