TMC the metals (NASDAQ:TMC) Stock Price Down 4.8% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC)’s stock price traded down 4.8% on Tuesday . The stock traded as low as $7.29 and last traded at $7.3390. 1,475,039 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 8,746,166 shares. The stock had previously closed at $7.71.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of research reports. HC Wainwright upped their price target on shares of TMC the metals from $7.25 to $7.50 and gave the company a “buy” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $7.42.

TMC the metals Stock Performance

The business’s fifty day moving average is $6.77 and its 200-day moving average is $6.41. The firm has a market cap of $2.95 billion, a P/E ratio of -9.27 and a beta of 1.82.

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

Insider Activity

In other news, insider Anthony O’sullivan sold 50,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $13,713,765.59. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 27.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

Hedge funds have recently modified their holdings of the company. Old West Investment Management LLC grew its position 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 valued at $7,345,000 after buying an additional 2,135,038 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in shares of TMC the metals during the 1st quarter worth approximately $79,000. Magnetar Financial LLC purchased a new stake in shares of TMC the metals during the 1st quarter worth approximately $86,000. Baird Financial Group Inc. raised its holdings in shares of 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 worth $5,067,000 after purchasing an additional 766,167 shares during the period. Finally, Goldman Sachs Group Inc. purchased a new position in TMC the metals in the first quarter valued at approximately $211,000. Institutional investors own 4.39% of the company’s stock.

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.