First Manhattan CO. LLC. Sells 519,525 Shares of TMC the metals company Inc. $TMC

First Manhattan CO. LLC. lessened its holdings in shares of TMC the metals company Inc. (NASDAQ:TMC) by 3.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 15,315,924 shares of the company’s stock after selling 519,525 shares during the period. First Manhattan CO. LLC. owned 3.70% of TMC the metals worth $94,499,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TMC. Goldman Sachs Group Inc. bought a new stake in shares of TMC the metals during the first quarter worth $211,000. Geode Capital Management LLC grew its holdings in shares of TMC the metals by 79.6% during the second quarter. Geode Capital Management LLC now owns 330,823 shares of the company’s stock worth $2,183,000 after purchasing an additional 146,650 shares during the last quarter. Creative Planning bought a new stake in shares of TMC the metals during the second quarter worth $76,000. Cetera Investment Advisers bought a new stake in shares of TMC the metals during the second quarter worth $168,000. Finally, Quantbot Technologies LP bought a new stake in shares of TMC the metals during the second quarter worth $48,000. Institutional investors own 4.39% of the company’s stock.

Insiders Place Their Bets

In other TMC the metals news, Director Brendan May sold 20,768 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the transaction, the director owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company’s stock.

TMC the metals Stock Down 1.5%

TMC the metals stock opened at $5.11 on Thursday. The business’s 50-day simple moving average is $5.35 and its 200 day simple moving average is $6.12. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -6.47 and a beta of 1.99. TMC the metals company Inc. has a 12-month low of $3.93 and a 12-month high of $11.35.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, sell-side analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $11.75 target price 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. Wedbush increased their target price on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Finally, Maxim Group began coverage on TMC the metals in a report on Thursday, June 4th. They issued a “buy” rating and a $10.00 price target on the stock. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.58.

TMC the metals 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. 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.