Parallel Advisors LLC Lowers Stock Holdings in TMC the metals company Inc. $TMC

Parallel Advisors LLC lowered its position in shares of TMC the metals company Inc. (NASDAQ:TMC) by 69.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,958 shares of the company’s stock after selling 24,659 shares during the period. Parallel Advisors LLC’s holdings in TMC the metals were worth $72,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Old West Investment Management LLC boosted its holdings in TMC the metals by 100.0% in the 1st 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. Baird Financial Group Inc. boosted its stake in TMC the metals by 35.1% during the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock valued at $5,067,000 after buying an additional 766,167 shares during the period. Goldman Sachs Group Inc. purchased a new position in TMC the metals during the first quarter worth about $211,000. XTX Topco Ltd increased its stake in TMC the metals by 193.5% in the 1st quarter. XTX Topco Ltd now owns 170,004 shares of the company’s stock worth $292,000 after acquiring an additional 112,075 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new stake in shares of TMC the metals in the 1st quarter valued at about $86,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on TMC shares. HC Wainwright restated a “buy” rating and issued a $7.25 price objective on shares of TMC the metals in a research report on Monday, August 18th. Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Wedbush upgraded shares of 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 report on Wednesday, June 25th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.33.

TMC the metals Price Performance

Shares of NASDAQ TMC opened at $6.56 on Friday. The stock has a market capitalization of $2.67 billion, a P/E ratio of -17.73 and a beta of 1.64. TMC the metals company Inc. has a one year low of $0.72 and a one year high of $8.63. The firm’s 50 day simple moving average is $5.74 and its two-hundred day simple moving average is $4.55.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). As a group, equities analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Erika Ilves sold 1,591,485 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the transaction, the insider directly owned 1,145,792 shares in the company, valued at $6,611,219.84. This trade represents a 58.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony O’sullivan sold 250,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $5,909,751.75. The trade was a 18.17% decrease in their position. The disclosure for this sale can be found here. 27.60% of the stock is currently owned by insiders.

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.