TMC the metals (NASDAQ:TMC) Stock Price Down 3.7% - Time to Sell?

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

Analyst Ratings Changes

A number of research firms have commented on TMC. HC Wainwright began coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They set a "buy" rating and a $5.50 price objective 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 company from $6.00 to $11.00 in a research report on Wednesday, June 25th.

TMC the metals Price Performance

The stock's 50-day moving average price is $4.95 and its 200-day moving average price is $2.90. The company has a market cap of $2.38 billion, a P/E ratio of -28.54 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). As a group, analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In related news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brendan May sold 44,204 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was 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. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 233,521 shares of company stock valued at $1,259,009 in the last ninety days. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TMC the metals

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP lifted its position in 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 purchasing an additional 4,796 shares during the period. Sprott Inc. acquired a new position in TMC the metals during the first quarter worth about $26,000. Gray Wealth Management Inc. raised its stake in 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 acquiring an additional 8,863 shares in the last quarter. Raymond James Financial Inc. acquired a new position in TMC the metals during the fourth quarter worth about $28,000. Finally, Independent Advisor Alliance acquired a new position in TMC the metals during the fourth quarter worth about $42,000. Institutional investors own 4.39% of the company's stock.

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.