TMC the metals (NASDAQ:TMC) Trading Down 9.1% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s share price traded down 9.1% during trading on Thursday . The stock traded as low as $2.16 and last traded at $2.16. 2,616,763 shares traded hands during trading, a decline of 27% from the average session volume of 3,592,333 shares. The stock had previously closed at $2.37.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners started coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price target for the company.

TMC the metals Price Performance

The company has a fifty day moving average price of $1.42 and a two-hundred day moving average price of $1.13. The firm has a market cap of $635.55 million, a price-to-earnings ratio of -6.32 and a beta of 1.54.

Insider Activity

In other news, insider Erika Ilves sold 217,099 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the completion of the sale, the insider now owns 998,170 shares in the company, valued at approximately $1,107,968.70. This represents a 17.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $0.85, for a total value of $40,394.55. Following the sale, the chief financial officer now directly owns 977,844 shares in the company, valued at $831,167.40. This trade represents a 4.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 30.00% of the company’s stock.

Institutional Trading of TMC the metals

A number of hedge funds have recently bought and sold shares of TMC. Gray Wealth Management Inc. grew its holdings in shares of TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock valued at $27,000 after buying an additional 8,863 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in TMC the metals in the 4th quarter worth about $28,000. Raymond James Financial Inc. acquired a new stake in TMC the metals during the 4th quarter worth about $28,000. Independent Advisor Alliance purchased a new position in TMC the metals during the 4th quarter valued at about $42,000. Finally, Virtu Financial LLC acquired a new position in shares of TMC the metals in the 3rd quarter valued at about $44,000. 4.39% of the stock is 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.