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

TMC the metals company Inc. (NASDAQ:TMC) shares were 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 traded 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 began coverage on TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 target price on the stock.

TMC the metals Stock Down 11.7 %

The stock has a market cap of $635.55 million, a P/E ratio of -6.32 and a beta of 1.54. The firm’s 50-day moving average is $1.42 and its two-hundred day moving average is $1.13.

Insider Activity

In related news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was 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 directly owns 998,170 shares in the company, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Craig Shesky sold 47,523 shares of the 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 transaction, the chief financial officer now owns 977,844 shares in the company, valued at approximately $831,167.40. This trade represents a 4.63 % decrease in their position. The disclosure for this sale can be found here. 30.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TMC. Old West Investment Management LLC boosted its position in shares of 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 during the period. Virtu Financial LLC acquired a new position in TMC the metals during the 3rd quarter valued at $44,000. Tidal Investments LLC boosted 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 valued at $514,000 after purchasing an additional 119,335 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in TMC the metals in the 4th quarter worth $28,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of TMC the metals during the 4th quarter worth about $94,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

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.