TMC the metals (NASDAQ:TMC) Stock Price Down 4.1% - Here's What Happened

Key Points

• TMC the metals company Inc. shares are down 4.1% to $5.30 amid low trading volume, significantly below its average daily volume.
• Analysts have mixed sentiments on TMC, with Wedbush upgrading it to an "outperform" rating and a target price increase from $6.00 to $11.00.
• Insider activity shows significant share sales, with directors selling a combined total of over 294,000 shares in recent transactions, indicating potential shifts in insider sentiment.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price was down 4.1% during mid-day trading on Monday . The company traded as low as $5.26 and last traded at $5.30. Approximately 2,026,173 shares changed hands during trading, a decline of 76% from the average daily volume of 8,331,297 shares. The stock had previously closed at $5.52.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TMC. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright restated a "buy" rating and issued a $7.25 price target on shares of TMC the metals in a report on Monday, August 18th. Finally, Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $7.33.

TMC the metals Trading Up 2.1%

The stock has a 50-day simple moving average of $5.86 and a 200-day simple moving average of $4.43. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -15.65 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). On average, research analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In related news, Director Brendan May sold 44,204 shares of the company's stock in a transaction that occurred on 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 approximately $1,458,184.68. This represents a 18.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anthony O'sullivan sold 250,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total value of $1,312,500.00. Following the sale, the insider directly owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. This represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 319,204 shares of company stock worth $1,833,726. 27.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Large investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC acquired a new stake in TMC the metals in the second quarter worth $28,000. Wolverine Asset Management LLC increased its position in TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after buying an additional 4,365 shares during the period. KBC Group NV acquired a new stake in TMC the metals in the second quarter worth $37,000. Quantbot Technologies LP acquired a new stake in TMC the metals in the second quarter worth $48,000. Finally, Marex Group plc acquired a new stake in TMC the metals in the second quarter worth $66,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.