TMC the metals (NASDAQ:TMC) Shares Down 11.7% – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) were down 11.7% during trading on Monday . The company traded as low as $8.70 and last traded at $8.3350. Approximately 4,951,552 shares were traded during trading, a decline of 54% from the average daily volume of 10,826,510 shares. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of research analyst reports. HC Wainwright lifted their target price on TMC the metals from $7.50 to $11.75 and gave the company a “buy” rating in a report on Friday. Zacks Research upgraded TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of TMC the metals in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.38.

TMC the metals Stock Down 18.1%

The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -10.05 and a beta of 1.85. The company has a 50-day moving average price of $6.92 and a 200-day moving average price of $6.62.

TMC the metals (NASDAQ:TMC) last posted its earnings results on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at TMC the metals

In other news, insider Anthony O’sullivan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total value of $338,500.00. Following the completion of the transaction, the insider directly owned 2,025,667 shares in the company, valued at $13,713,765.59. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 27.60% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

A number of hedge funds have recently modified their holdings of TMC. Jump Financial LLC purchased a new stake in shares of TMC the metals during the second quarter valued at $6,216,000. UBS Group AG raised its holdings in TMC the metals by 869.6% during the 3rd quarter. UBS Group AG now owns 630,757 shares of the company’s stock worth $4,018,000 after buying an additional 712,717 shares during the period. Old West Investment Management LLC lifted its stake in TMC the metals by 49.6% during the third quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock valued at $12,722,000 after buying an additional 662,200 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of TMC the metals in the second quarter worth about $3,133,000. Finally, Swiss National Bank acquired a new position in shares of TMC the metals in the second quarter worth about $2,940,000. 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.