TMC the metals (NASDAQ:TMC) Stock Price Down 3.9% – Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price dropped 3.9% during trading on Wednesday . The stock traded as low as $1.52 and last traded at $1.56. Approximately 676,653 shares were traded during trading, a decline of 85% from the average daily volume of 4,472,591 shares. The stock had previously closed at $1.62.

Analyst Upgrades and Downgrades

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 Price Performance

The company has a market capitalization of $509.09 million, a price-to-earnings ratio of -5.06 and a beta of 1.49. The company’s fifty day simple moving average is $1.02 and its two-hundred day simple moving average is $1.05.

Insiders Place Their Bets

In other news, insider Erika Ilves sold 217,099 shares of the 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 completion of the sale, the insider now owns 998,170 shares of the company’s stock, valued at $1,107,968.70. This represents a 17.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total transaction of $40,394.55. Following the completion of the sale, the chief financial officer now directly 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. Over the last ninety days, insiders have sold 330,622 shares of company stock worth $342,754. Corporate insiders own 30.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Old West Investment Management LLC boosted its position in TMC the metals by 100.0% during the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock worth $1,689,000 after acquiring an additional 796,615 shares during the last quarter. Tidal Investments LLC boosted its holdings in TMC the metals by 32.6% during the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after purchasing an additional 119,335 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in TMC the metals in the third quarter valued at $44,000. 4.39% of the stock is currently owned by institutional investors.

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.