TMC the metals (NASDAQ:TMC) Shares Down 7.8% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s stock price fell 7.8% during mid-day trading on Monday . The stock traded as low as $6.33 and last traded at $6.42. 2,847,739 shares were traded during mid-day trading, a decline of 67% from the average session volume of 8,701,756 shares. The stock had previously closed at $6.96.

Analyst Ratings Changes

Several research analysts have commented on the stock. Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, October 8th. Finally, HC Wainwright upped their target price on TMC the metals from $7.25 to $7.50 and gave the stock a “buy” rating in a report on Friday, November 14th. Three 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. According to MarketBeat, TMC the metals currently has an average rating of “Hold” and an average price target of $7.42.

TMC the metals Trading Down 3.8%

The firm has a market cap of $2.94 billion, a P/E ratio of -9.22 and a beta of 1.82. The firm has a 50-day simple moving average of $6.89 and a 200-day simple moving average of $6.12.

TMC the metals (NASDAQ:TMC) last announced its earnings results on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Research analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Erika Ilves sold 1,591,485 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total value of $9,182,868.45. Following the sale, the insider owned 1,145,792 shares in the company, valued at $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony O’sullivan sold 50,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total transaction of $338,500.00. Following the completion of the sale, 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,691,485 shares of company stock worth $9,846,868. Company insiders own 27.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TMC. Old West Investment Management LLC boosted its holdings in TMC the metals by 100.0% during the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock worth $7,345,000 after buying an additional 2,135,038 shares in the last quarter. Baird Financial Group Inc. lifted its stake in TMC the metals by 35.1% in the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock valued at $5,067,000 after buying an additional 766,167 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of TMC the metals during the second quarter worth approximately $6,216,000. UBS Group AG lifted its holdings in TMC the metals by 869.6% in the 3rd quarter. UBS Group AG now owns 630,757 shares of the company’s stock valued at $4,018,000 after purchasing an additional 712,717 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of TMC the metals by 18.4% during the third quarter. BNP Paribas Financial Markets now owns 562,168 shares of the company’s stock worth $3,581,000 after buying an additional 87,437 shares in the last quarter. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.