TMC the metals (NASDAQ:TMC) Shares Gap Down – Time to Sell?

TMC the metals company Inc. (NASDAQ:TMC) gapped down prior to trading on Friday . The stock had previously closed at $3.69, but opened at $3.50. TMC the metals shares last traded at $3.25, with a volume of 5,916,633 shares trading hands.

Analysts Set New Price Targets

Several research analysts have weighed in on TMC shares. Wedbush restated a “neutral” rating and set a $4.00 target price on shares of TMC the metals in a research report on Friday, March 28th. Alliance Global Partners initiated coverage on TMC the metals in a research report on Wednesday, January 15th. They set a “buy” rating and a $3.75 target price on the stock.

TMC the metals Stock Performance

The company has a 50-day moving average of $2.03 and a 200-day moving average of $1.46. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -9.84 and a beta of 1.46.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, March 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of ($20.18) million during the quarter. As a group, analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In other news, CFO Craig Shesky sold 353,702 shares of TMC the metals 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 completion of the sale, the chief financial officer now owns 1,145,717 shares of the company’s stock, valued at $1,901,890.22. The trade was a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 30.00% of the company’s stock.

Institutional Trading of TMC the metals

A number of hedge funds have recently added to or reduced their stakes in the business. Gray Wealth Management Inc. boosted its position in shares of 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 during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals in the 4th quarter valued at $28,000. Raymond James Financial Inc. purchased a new stake in shares of TMC the metals during the fourth quarter worth about $28,000. Parallel Advisors LLC acquired a new position in shares of TMC the metals in the first quarter worth about $61,000. Finally, Independent Advisor Alliance purchased a new position in TMC the metals in the fourth quarter valued at about $42,000. 4.39% of the stock is 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.