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

TMC the metals company Inc. (NASDAQ:TMC) shares gapped down prior to trading on Friday . The stock had previously closed at $8.69, but opened at $8.12. TMC the metals shares last traded at $8.14, with a volume of 3,897,056 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on TMC. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $7.25 target price on shares of TMC the metals in a research report on Monday, August 18th. Zacks Research lowered TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, Wedbush upgraded TMC the metals from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.33.

TMC the metals Trading Down 5.8%

The stock has a market capitalization of $3.33 billion, a PE ratio of -22.13 and a beta of 1.70. The firm has a 50-day moving average price of $6.31 and a 200-day moving average price of $5.29.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Sell-side analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Transactions at TMC the metals

In related news, insider Erika Ilves sold 1,591,485 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the completion of the sale, the insider owned 1,145,792 shares in the company, valued at approximately $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anthony O’sullivan sold 250,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total value of $1,312,500.00. Following the completion of the sale, the insider owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. The trade was a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.60% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. Old West Investment Management LLC raised its position in shares of TMC the metals by 100.0% in the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock valued at $7,345,000 after purchasing an additional 2,135,038 shares during the period. Jump Financial LLC purchased a new position in TMC the metals in the 2nd quarter valued at approximately $6,216,000. Baird Financial Group Inc. raised its holdings in TMC the metals by 35.1% during the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock valued at $5,067,000 after acquiring an additional 766,167 shares during the period. BNP Paribas Financial Markets bought a new stake in TMC the metals during the 2nd quarter valued at $3,133,000. Finally, Swiss National Bank purchased a new stake in shares of TMC the metals during the second quarter worth $2,940,000. 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.