TMC the metals (NASDAQ:TMC) Shares Gap Down – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $7.72, but opened at $7.43. TMC the metals shares last traded at $7.7360, with a volume of 2,290,223 shares trading hands.

Analysts Set New Price Targets

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

TMC the metals Stock Down 2.7%

The company’s fifty day moving average price is $6.98 and its two-hundred day moving average price is $6.17. The firm has a market cap of $3.14 billion, a PE ratio of -9.86 and a beta of 1.82.

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

Insider Buying and Selling

In related news, insider Erika Ilves sold 1,591,485 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the transaction, the insider owned 1,145,792 shares of the company’s stock, valued at $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anthony O’sullivan sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $6.77, for a total transaction of $338,500.00. Following the sale, the insider owned 2,025,667 shares in the company, valued at $13,713,765.59. The trade was a 2.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders 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 and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC acquired a new stake in shares of TMC the metals during the 2nd quarter valued at approximately $28,000. Wolverine Asset Management LLC grew its holdings in shares of TMC the metals by 752.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company’s stock worth $33,000 after acquiring an additional 4,365 shares during the period. Sunbelt Securities Inc. purchased a new position in TMC the metals in the 3rd quarter valued at approximately $34,000. KBC Group NV acquired a new position in TMC the metals during the second quarter worth $37,000. Finally, Quantbot Technologies LP acquired a new position in TMC the metals during the second quarter worth $48,000. 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.