TMC the metals (NASDAQ:TMC) Trading Down 5.1% – What’s Next?

Shares of TMC the metals company Inc. (NASDAQ:TMC) dropped 5.1% during mid-day trading on Thursday . The stock traded as low as $1.77 and last traded at $1.78. Approximately 598,551 shares traded hands during trading, a decline of 63% from the average daily volume of 1,626,968 shares. The stock had previously closed at $1.87.

Analyst Ratings Changes

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

TMC the metals Price Performance

The firm has a market cap of $575.57 million, a P/E ratio of -5.69 and a beta of 1.52. The firm’s 50-day moving average price is $1.71 and its 200 day moving average price is $1.23.

Insiders Place Their Bets

In other news, insider Erika Ilves sold 217,099 shares of TMC the metals stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $1.11, for a total value of $240,979.89. Following the completion of the transaction, the insider now directly owns 998,170 shares of the company’s stock, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 30.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TMC the metals

A number of large investors have recently bought and sold shares of the business. First Manhattan CO. LLC. raised its position in shares of 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 period. Jane Street Group LLC increased its position in TMC the metals by 7,330.9% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock worth $1,507,000 after buying an additional 1,364,424 shares during the period. Old West Investment Management LLC lifted its stake in TMC the metals by 168.0% in the fourth quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company’s stock valued at $2,391,000 after buying an additional 1,338,423 shares during the last quarter. Shay Capital LLC boosted its holdings in shares of TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock valued at $1,044,000 after acquiring an additional 844,904 shares during the period. Finally, Tidal Investments LLC grew its position in shares of 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 acquiring an additional 119,335 shares during the last quarter. Institutional investors own 4.39% of the company’s stock.

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.