TMC the metals (NASDAQ:TMC) Trading Down 11.7% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s stock price was down 11.7% during trading on Monday . The stock traded as low as $8.70 and last traded at $8.3350. Approximately 4,951,552 shares changed hands during mid-day 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 several research analyst reports. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of TMC the metals in a research report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday. Zacks Research raised TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. Finally, HC Wainwright raised their price objective on TMC the metals from $7.50 to $11.75 and gave the stock a “buy” rating in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, TMC the metals currently has a consensus rating of “Hold” and a consensus target price of $11.38.

TMC the metals Trading Down 18.1%

The firm has a market cap of $3.20 billion, a P/E ratio of -10.05 and a beta of 1.85. The business’s fifty day moving average price is $6.92 and its two-hundred day moving average price is $6.62.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data 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). Research analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at TMC the metals

In related news, insider Anthony O’sullivan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $6.77, for a total transaction of $338,500.00. Following the completion of the transaction, the insider owned 2,025,667 shares of the company’s stock, valued at approximately $13,713,765.59. The trade was a 2.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 27.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Jump Financial LLC acquired a new stake in TMC the metals in the 2nd quarter worth $6,216,000. UBS Group AG lifted its stake in shares of TMC the metals by 869.6% in the third quarter. UBS Group AG now owns 630,757 shares of the company’s stock valued at $4,018,000 after buying an additional 712,717 shares during the period. Old West Investment Management LLC lifted its stake in shares of TMC the metals by 49.6% in 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 during the period. BNP Paribas Financial Markets bought a new position in TMC the metals during the second quarter valued at about $3,133,000. Finally, Swiss National Bank acquired a new position in TMC the metals in the 2nd quarter valued at approximately $2,940,000. 4.39% of the stock is owned by institutional investors.

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.