TMC the metals (NASDAQ:TMC) Stock Price Down 3.9% - Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price was down 3.9% on Friday . The stock traded as low as $7.53 and last traded at $7.59. Approximately 3,796,547 shares were traded during trading, a decline of 21% from the average daily volume of 4,780,780 shares. The stock had previously closed at $7.90.

Analysts Set New Price Targets

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

TMC the metals Stock Performance

The firm has a market capitalization of $2.65 billion, a P/E ratio of -31.89 and a beta of 1.57. The firm's 50-day moving average is $5.47 and its 200 day moving average is $3.20.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). 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, Director Brendan May sold 44,204 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $5,054,244.83. This trade represents a 12.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,521 shares of company stock valued at $1,259,009. Company insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TMC. First Manhattan CO. LLC. boosted its stake in TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after acquiring an additional 10,025,000 shares in the last quarter. Old West Investment Management LLC lifted its position in 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 acquiring an additional 2,135,038 shares during the period. Baird Financial Group Inc. boosted its holdings in shares of TMC the metals by 35.1% in 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 during the last quarter. Jane Street Group LLC grew its position in TMC the metals by 7,330.9% during the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after purchasing an additional 1,364,424 shares during the period. Finally, Shay Capital LLC raised its position in TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after acquiring an additional 844,904 shares in the last quarter. 4.39% of the stock is owned by hedge funds and other 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.