TMC the metals (NASDAQ:TMC) Trading Down 5.3% - Here's Why

Key Points

• Shares of TMC the metals Company Inc. fell by 5.3%, trading at $5.32, with a notable decrease in trading volume of 79% compared to its average.
• Analysts have a mixed outlook; Wedbush upgraded the stock from "neutral" to "outperform" with a price target of $11.00, while HC Wainwright increased its price goal to $7.25.
• Insider selling activity was significant, with 233,521 shares sold by insiders in the past three months, and insiders now owning 27.60% of the stock.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) were down 5.3% during trading on Monday . The stock traded as low as $5.32 and last traded at $5.32. Approximately 1,776,872 shares were traded during trading, a decline of 79% from the average daily volume of 8,355,676 shares. The stock had previously closed at $5.62.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their price target for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright increased their price objective on shares of TMC the metals from $5.50 to $7.25 and gave the stock a "buy" rating in a research note on Wednesday, August 6th.

TMC the metals Stock Performance

The company has a market capitalization of $1.92 billion, a P/E ratio of -23.00 and a beta of 1.59. The stock has a 50 day moving average price of $6.19 and a 200 day moving average price of $3.74.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its quarterly earnings data 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, sell-side analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In other TMC the metals news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brendan May sold 44,204 shares of the 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 sale, the director directly owned 197,586 shares of the company's stock, valued at approximately $1,458,184.68. This trade 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 three months. 27.60% of the stock is owned by insiders.

Hedge Funds Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of TMC. First Manhattan CO. LLC. lifted its position in shares of TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after buying an additional 10,025,000 shares in the last quarter. Old West Investment Management LLC raised its stake 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 valued at $7,345,000 after purchasing an additional 2,135,038 shares during the period. Baird Financial Group Inc. raised its stake in TMC the metals by 35.1% during the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock valued at $5,067,000 after purchasing an additional 766,167 shares during the period. Jane Street Group LLC raised its stake 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 valued at $1,507,000 after purchasing an additional 1,364,424 shares during the period. Finally, Shay Capital LLC raised its stake in TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after purchasing an additional 844,904 shares during the period. 4.39% of the stock is currently 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.

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