TMC the metals (NASDAQ:TMC) Shares Down 1.1% - Time to Sell?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price 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.

Analyst Ratings Changes

TMC has been the topic of a number of research reports. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright initiated coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target on the stock.

TMC the metals Stock Performance

The business's 50-day moving average price is $5.02 and its 200 day moving average price is $2.94. The stock has a market capitalization of $2.38 billion, a PE ratio of -28.56 and a beta of 1.57.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). As a group, equities research analysts predict that TMC the metals company Inc. will post -0.22 earnings per share 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 completion of the transaction, the director directly 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 Securities & Exchange Commission, which is available at this link. Also, insider Anthony O'sullivan sold 164,317 shares of the business's 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 transaction, the insider owned 1,125,667 shares of the company's stock, valued at $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 233,521 shares of company stock valued at $1,259,009 over the last 90 days. Company insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

A number of hedge funds have recently made changes to their positions in TMC. Allworth Financial LP lifted its holdings in shares of TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after acquiring an additional 4,796 shares during the last quarter. Sprott Inc. bought a new stake in TMC the metals in the first quarter worth $26,000. Gray Wealth Management Inc. lifted its stake in TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the last quarter. Raymond James Financial Inc. bought a new stake in TMC the metals in the fourth quarter worth $28,000. Finally, Independent Advisor Alliance bought a new stake in TMC the metals in the fourth quarter worth $42,000. 4.39% of the stock is owned by institutional investors.

TMC the metals Company Profile

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.