TMC the metals (NASDAQ:TMC) Trading Down 1.1% - Here's What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) dropped 1.1% during trading on Friday . The company traded as low as $6.50 and last traded at $6.78. Approximately 2,407,874 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 4,549,287 shares. The stock had previously closed at $6.85.

Wall Street Analyst Weigh In

TMC has been the topic of a number of research reports. 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 on the stock. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th.

TMC the metals Stock Performance

The company has a market capitalization of $2.64 billion, a P/E ratio of -31.65 and a beta of 1.57. The company's fifty day simple moving average is $5.10 and its 200-day simple moving average is $3.01.

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 for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). On average, sell-side analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other news, Director Brendan May sold 44,204 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction of $326,225.52. Following the sale, the director directly owned 197,586 shares of the company's stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the transaction, the insider directly owned 1,125,667 shares in the company, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 233,521 shares of company stock valued at $1,259,009 in the last three months. Insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

Several large investors have recently added to or reduced their stakes in TMC. Allworth Financial LP raised its stake in shares of TMC the metals by 48.0% in the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after purchasing an additional 4,796 shares during the last quarter. Sprott Inc. purchased a new position in TMC the metals during the 1st quarter worth approximately $26,000. Sowell Financial Services LLC lifted its stake in TMC the metals by 37.4% during the 2nd quarter. Sowell Financial Services LLC now owns 16,604 shares of the company's stock valued at $110,000 after acquiring an additional 4,517 shares during the period. Gray Wealth Management Inc. boosted its holdings in shares of TMC the metals by 59.7% in the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after acquiring an additional 8,863 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth $28,000. Hedge funds and other 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.