TMC the metals (NASDAQ:TMC) Trading Down 6.4% – Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price dropped 6.4% during mid-day trading on Wednesday . The company traded as low as $1.71 and last traded at $1.68. Approximately 213,815 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,609,705 shares. The stock had previously closed at $1.79.

Analyst Ratings Changes

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

TMC the metals Price Performance

The stock has a market cap of $551.25 million, a P/E ratio of -5.48 and a beta of 1.52. The firm’s fifty day moving average price is $1.78 and its two-hundred day moving average price is $1.26.

Insiders Place Their Bets

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of TMC the metals 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 30.00% of the company’s stock.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently made changes to their positions in TMC. Gray Wealth Management Inc. grew its position in TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock worth $27,000 after acquiring an additional 8,863 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of TMC the metals in the 4th quarter worth about $28,000. Raymond James Financial Inc. bought a new position in shares of TMC the metals during the 4th quarter valued at about $28,000. Independent Advisor Alliance purchased a new position in shares of TMC the metals during the 4th quarter valued at about $42,000. Finally, Virtu Financial LLC purchased a new position in shares of TMC the metals during the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors 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.