TMC the metals (NASDAQ:TMC) Shares Down 9.1% – Should You Sell?

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

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners began coverage on shares of TMC the metals in a report on Wednesday, January 15th. They issued a “buy” rating and a $3.75 target price on the stock.

TMC the metals Price Performance

The firm has a market capitalization of $721.48 million, a price-to-earnings ratio of -7.18 and a beta of 1.54. The firm’s 50-day moving average price is $1.36 and its 200 day moving average price is $1.11.

Insider Activity

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

Institutional Investors Weigh In On TMC the metals

Several hedge funds have recently modified their holdings of the stock. Old West Investment Management LLC grew its position in TMC the metals by 100.0% in the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock valued at $1,689,000 after acquiring an additional 796,615 shares in the last quarter. Virtu Financial LLC purchased a new stake in TMC the metals during the 3rd quarter worth $44,000. Tidal Investments LLC lifted its holdings in TMC the metals by 32.6% in the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after buying an additional 119,335 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in TMC the metals in the 4th quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of TMC the metals during the fourth quarter valued at about $94,000. 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.