TMC the metals (NASDAQ:TMC) Stock Price Down 9.1% – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC) shares traded down 9.1% during trading on Thursday . The stock traded as low as $2.16 and last traded at $2.16. 2,616,763 shares changed hands during trading, a decline of 27% from the average session volume of 3,592,333 shares. The stock had previously closed at $2.37.

Wall Street Analysts Forecast Growth

Separately, 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 target price for the company.

TMC the metals Trading Down 6.1 %

The company has a market cap of $721.48 million, a PE ratio of -7.18 and a beta of 1.54. The company has a fifty day simple moving average of $1.36 and a two-hundred day simple moving average of $1.11.

Insider Buying and Selling

In related news, insider Erika Ilves sold 217,099 shares of TMC the metals stock in a transaction 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 sale, the insider now directly owns 998,170 shares in the company, valued at $1,107,968.70. This trade represents a 17.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Craig Shesky sold 47,523 shares of TMC the metals stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $0.85, for a total transaction of $40,394.55. Following the sale, the chief financial officer now owns 977,844 shares in the company, 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 Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC raised its stake in TMC the metals by 11.9% during the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock worth $608,000 after acquiring an additional 57,606 shares in the last quarter. Shay Capital LLC raised its stake in TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock worth $1,044,000 after acquiring an additional 844,904 shares in the last quarter. First Manhattan CO. LLC. grew its position in TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock worth $20,974,000 after purchasing an additional 10,025,000 shares during the last quarter. Jane Street Group LLC grew its position in TMC the metals by 7,330.9% during the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock worth $1,507,000 after purchasing an additional 1,364,424 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in TMC the metals during the 4th quarter worth $65,000. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.