TMC the metals (NASDAQ:TMC) Trading Down 3.7% - Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) fell 3.7% on Tuesday . The stock traded as low as $6.29 and last traded at $6.41. 4,630,063 shares were traded during mid-day trading, a decline of 39% from the average session volume of 7,645,020 shares. The stock had previously closed at $6.65.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TMC. HC Wainwright began coverage on TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective for the company. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th.

TMC the metals Price Performance

The firm has a 50-day simple moving average of $4.74 and a 200 day simple moving average of $2.81. The company has a market capitalization of $2.35 billion, a PE ratio of -28.22 and a beta of 1.57.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Equities research analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In related news, Director Brendan May sold 44,204 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of 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 link. Also, insider Anthony O'sullivan sold 164,317 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 233,521 shares of company stock valued at $1,259,009. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP boosted its position in shares of TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after buying an additional 4,796 shares during the period. Sprott Inc. acquired a new position in shares of TMC the metals during the first quarter worth approximately $26,000. Gray Wealth Management Inc. boosted its position in shares of TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after buying an additional 8,863 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth approximately $28,000. Finally, Raymond James Financial Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth approximately $28,000. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.

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