TMC the metals (NASDAQ:TMC) Stock Price Down 7.9% - What's Next?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares fell 7.9% during mid-day trading on Monday . The company traded as low as $2.77 and last traded at $2.73. 1,223,157 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 2,083,274 shares. The stock had previously closed at $2.96.

Wall Street Analysts Forecast Growth

TMC has been the topic of a number of recent research reports. Alliance Global Partners assumed coverage on TMC the metals in a research note on Wednesday, January 15th. They set a "buy" rating and a $3.75 price target on the stock. Wedbush restated a "neutral" rating and issued a $4.00 price objective on shares of TMC the metals in a report on Friday, March 28th.

TMC the metals Stock Performance

The company has a market capitalization of $1.06 billion, a P/E ratio of -9.84 and a beta of 1.46. The stock's 50 day moving average price is $2.03 and its 200 day moving average price is $1.45.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings data on Thursday, March 27th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of ($20.18) million during the quarter. On average, analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Craig Shesky sold 353,702 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the sale, the chief financial officer now directly owns 1,145,717 shares of the company's stock, valued at approximately $1,901,890.22. This represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 30.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. First Manhattan CO. LLC. boosted its stake in shares of TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after buying an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC boosted its holdings in shares of TMC the metals by 168.0% in the 4th quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock worth $2,391,000 after buying an additional 1,338,423 shares during the last quarter. Jane Street Group LLC increased its holdings in TMC the metals by 7,330.9% during the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after buying an additional 1,364,424 shares during the last quarter. Shay Capital LLC boosted its stake in TMC the metals by 965.6% in 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 during the last quarter. Finally, Tidal Investments LLC raised its holdings in shares of TMC the metals by 11.9% in the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock worth $608,000 after purchasing an additional 57,606 shares during the period. 4.39% of the stock is owned by institutional investors.

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.