TMC the metals (NASDAQ:TMC) Stock Price Down 5.7% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC) shares traded down 5.7% during trading on Monday . The stock traded as low as $3.78 and last traded at $3.7810. Approximately 1,967,426 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 6,333,504 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $11.75 price target on shares of TMC the metals in a report on Tuesday, June 2nd. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Maxim Group began coverage on TMC the metals in a research note on Thursday, June 4th. They issued a “buy” rating and a $10.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Friday, July 17th. Finally, Wedbush upped their price target on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.58.

TMC the metals Stock Down 4.9%

The business’s fifty day moving average is $4.31 and its two-hundred day moving average is $5.20. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -5.21 and a beta of 2.06.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Research analysts forecast that TMC the metals company Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at TMC the metals

In other news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total transaction of $133,330.56. Following the transaction, the director owned 193,346 shares of the company’s stock, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by insiders.

Institutional Trading of TMC the metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TMC. Encompass Capital Advisors LLC acquired a new position in TMC the metals during the 4th quarter valued at about $18,510,000. BlackRock Inc. acquired a new stake in shares of TMC the metals during the 2nd quarter worth approximately $6,556,000. Old West Investment Management LLC acquired a new stake in shares of TMC the metals during the 2nd quarter worth approximately $5,334,000. State Street Corp raised its stake in shares of TMC the metals by 2.4% during the fourth quarter. State Street Corp now owns 986,160 shares of the company’s stock worth $6,085,000 after buying an additional 23,095 shares during the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of TMC the metals by 120.1% during the fourth quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock worth $5,043,000 after buying an additional 445,985 shares during the last quarter. 4.39% of the stock is currently 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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.