TMC the metals (NASDAQ:TMC) Trading Down 7.9% – Should You Sell?

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

Wall Street Analyst Weigh In

A number of research firms have commented on TMC. Wedbush restated a “neutral” rating and set a $4.00 price target on shares of TMC the metals in a research note on Friday, March 28th. Alliance Global Partners initiated coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price objective for the company.

TMC the metals Stock Performance

The firm’s 50-day moving average price is $1.93 and its two-hundred day moving average price is $1.40. The firm has a market cap of $915.01 million, a PE ratio of -8.48 and a beta of 1.46.

TMC the metals (NASDAQ:TMC) last posted its earnings results on Thursday, March 27th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of ($20.18) million for the quarter. As a group, sell-side analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total transaction 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 $1,901,890.22. This represents a 23.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 30.00% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Several institutional investors have recently bought and sold shares of the company. Gray Wealth Management Inc. boosted its holdings in shares of TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock valued at $27,000 after acquiring an additional 8,863 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of TMC the metals in the fourth quarter valued at approximately $28,000. Raymond James Financial Inc. acquired a new position in TMC the metals during the fourth quarter worth $28,000. Parallel Advisors LLC acquired a new stake in TMC the metals in the first quarter valued at $61,000. Finally, Independent Advisor Alliance acquired a new stake in shares of TMC the metals in the fourth quarter valued at about $42,000. 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.