TMC the metals (NASDAQ:TMC) Trading Down 9.1% - Should You Sell?

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

Wall Street Analyst Weigh In

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 target on the stock.

TMC the metals Stock Performance

The business has a 50-day simple moving average of $1.42 and a two-hundred day simple moving average of $1.13. The company has a market capitalization of $635.55 million, a price-to-earnings ratio of -6.32 and a beta of 1.54.

Insiders Place Their Bets

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of the stock in a transaction that occurred 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 directly owns 998,170 shares of the company's stock, valued at approximately $1,107,968.70. This trade represents a 17.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Craig Shesky sold 47,523 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total value of $40,394.55. Following the completion of the sale, the chief financial officer now directly owns 977,844 shares of the company's stock, valued at $831,167.40. This represents a 4.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 30.00% of the stock is owned by insiders.

Institutional Trading of TMC the metals

Several hedge funds have recently modified their holdings of the business. Gray Wealth Management Inc. lifted its holdings in shares of TMC the metals by 59.7% in 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. Oppenheimer & Co. Inc. purchased a new position in TMC the metals during the fourth quarter worth $28,000. Raymond James Financial Inc. purchased a new position in TMC the metals during the fourth quarter worth $28,000. Independent Advisor Alliance purchased a new position in TMC the metals during the fourth quarter worth $42,000. Finally, Virtu Financial LLC purchased a new stake in shares of TMC the metals in the third quarter valued at $44,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.