TMC the metals (NASDAQ:TMC) Stock Price Down 5.1% – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) fell 5.1% during mid-day trading on Thursday . The company traded as low as $1.77 and last traded at $1.78. 598,551 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 1,626,968 shares. The stock had previously closed at $1.87.

Analysts Set New Price Targets

Separately, Alliance Global Partners started coverage on TMC the metals in a research note on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective on the stock.

TMC the metals Price Performance

The stock has a market cap of $575.57 million, a price-to-earnings ratio of -5.69 and a beta of 1.52. The stock’s 50-day moving average is $1.71 and its 200-day moving average is $1.23.

Insiders Place Their Bets

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were 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 directly owns 998,170 shares in the company, valued at $1,107,968.70. The trade was a 17.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 30.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Gray Wealth Management Inc. raised its holdings in shares of TMC the metals by 59.7% during the 4th 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 during the period. Raymond James Financial Inc. purchased a new position in shares of TMC the metals in the fourth quarter valued at $28,000. Oppenheimer & Co. Inc. acquired a new stake in TMC the metals during the 4th quarter valued at $28,000. Independent Advisor Alliance acquired a new position in TMC the metals in the 4th quarter worth $42,000. Finally, Virtu Financial LLC purchased a new position in TMC the metals in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

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.