TMC the metals (NASDAQ:TMC) Shares Down 5.6% – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) were down 5.6% on Tuesday . The company traded as low as $4.13 and last traded at $4.13. Approximately 1,506,612 shares were traded during trading, a decline of 56% from the average daily volume of 3,420,902 shares. The stock had previously closed at $4.37.

Wall Street Analysts Forecast Growth

TMC has been the topic of a number of research analyst reports. Wedbush restated a “neutral” rating and issued a $6.00 price target on shares of TMC the metals in a research note on Friday, May 16th. HC Wainwright started coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a “buy” rating and a $5.50 price objective on the stock.

TMC the metals Stock Down 2.9%

The business has a fifty day moving average price of $3.24 and a 200-day moving average price of $2.07. The company has a market cap of $1.54 billion, a P/E ratio of -13.69 and a beta of 1.46.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share 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 earnings per share for the current year.

Insider Activity

In other news, insider Anthony O’sullivan sold 164,317 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total transaction of $737,783.33. Following the sale, the insider now directly owns 1,125,667 shares of the company’s stock, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the transaction, the chief financial officer now directly owns 1,145,717 shares of the company’s stock, valued at approximately $1,901,890.22. This trade represents a 23.59% decrease in their position. The disclosure for this sale can be found here. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently bought and sold shares of TMC. First Manhattan CO. LLC. boosted its holdings 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 valued at $20,974,000 after purchasing an additional 10,025,000 shares in the last quarter. Old West Investment Management LLC boosted its stake in TMC the metals by 100.0% in the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock valued at $7,345,000 after buying an additional 2,135,038 shares in the last quarter. Baird Financial Group Inc. grew its position in TMC the metals by 35.1% in the first 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% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock valued at $1,507,000 after acquiring an additional 1,364,424 shares during the last quarter. Finally, Shay Capital LLC raised its stake in TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock worth $1,044,000 after acquiring an additional 844,904 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.