TMC the metals (NASDAQ:TMC) Stock Price Down 7.9% - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price dropped 7.9% during mid-day trading on Monday . The stock traded as low as $2.77 and last traded at $2.73. 1,223,157 shares changed hands during trading, a decline of 41% from the average daily volume of 2,083,274 shares. The stock had previously closed at $2.96.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Alliance Global Partners assumed coverage on TMC the metals in a report on Wednesday, January 15th. They set a "buy" rating and a $3.75 price objective on the stock. Wedbush reiterated a "neutral" rating and set a $4.00 price objective on shares of TMC the metals in a report on Friday, March 28th.

TMC the metals Price Performance

The company has a fifty day moving average of $2.01 and a two-hundred day moving average of $1.44. The stock has a market capitalization of $1.14 billion, a P/E ratio of -10.50 and a beta of 1.46.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of ($20.18) million during the quarter. As a group, equities 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 other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the sale, the chief financial officer now directly owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 30.00% of the company's stock.

Institutional Trading of TMC the metals

Several hedge funds have recently bought and sold shares of TMC. Gray Wealth Management Inc. raised its holdings in shares of TMC the metals by 59.7% during the fourth 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 last quarter. Oppenheimer & Co. Inc. acquired a new position in TMC the metals during the 4th quarter worth $28,000. Raymond James Financial Inc. bought a new position in shares of TMC the metals in the fourth quarter worth $28,000. Parallel Advisors LLC bought a new stake in shares of TMC the metals during the first quarter valued at about $61,000. Finally, Independent Advisor Alliance acquired a new stake in TMC the metals in the fourth quarter worth about $42,000. 4.39% of the stock is currently 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.