TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares traded down 9.7% during mid-day trading on Monday . The stock traded as low as $6.45 and last traded at $6.3860. 2,616,662 shares traded hands during trading, a decline of 70% from the average session volume of 8,737,067 shares. The stock had previously closed at $7.07.
Analysts Set New Price Targets
A number of analysts have recently commented on TMC shares. Weiss Ratings restated a "sell (d-)" rating on shares of TMC the metals in a report on Wednesday, October 8th. Zacks Research downgraded shares of TMC the metals from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 15th. Finally, HC Wainwright reissued a "buy" rating and set a $7.25 price target on shares of TMC the metals in a research report on Monday, August 18th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, TMC the metals currently has a consensus rating of "Hold" and an average price target of $7.33.
Get Our Latest Stock Report on TMC the metals
TMC the metals Trading Down 8.8%
The company has a market cap of $2.62 billion, a price-to-earnings ratio of -17.42 and a beta of 1.71. The stock has a 50-day simple moving average of $6.76 and a 200-day simple moving average of $5.70.
TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings data 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). As a group, research analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Erika Ilves sold 1,591,485 shares of the business's 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 sale, the insider owned 1,145,792 shares of the company's stock, valued at $6,611,219.84. The trade was 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 available at the SEC website. Also, insider Anthony O'sullivan sold 250,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the transaction, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 27.60% of the stock is owned by company insiders.
Hedge Funds Weigh In On TMC the metals
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Old West Investment Management LLC boosted its holdings 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 worth $7,345,000 after buying an additional 2,135,038 shares during the period. Jump Financial LLC acquired a new position in shares of TMC the metals in the 2nd quarter valued at $6,216,000. Baird Financial Group Inc. boosted its position in shares of 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 in the last quarter. BNP Paribas Financial Markets bought a new stake in TMC the metals in the second quarter valued at about $3,133,000. Finally, Swiss National Bank acquired a new stake in TMC the metals during the second quarter valued at approximately $2,940,000. Institutional investors and hedge funds own 4.39% of the company's stock.
TMC the metals Company Profile
(
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.
Further Reading
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