TMC the metals (NASDAQ:TMC) Stock Price Down 5.1% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) shares dropped 5.1% during mid-day trading on Thursday . The company 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.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners initiated coverage on TMC the metals in a report on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective on the stock.

TMC the metals Trading Up 2.8 %

The stock has a fifty day moving average of $1.74 and a two-hundred day moving average of $1.24. The company has a market capitalization of $590.16 million, a PE ratio of -5.87 and a beta of 1.52.

Insider Transactions at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of TMC the metals stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $1.11, for a total value of $240,979.89. Following the sale, the insider now directly owns 998,170 shares in the company, valued at approximately $1,107,968.70. This trade represents a 17.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 30.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TMC. Virtu Financial LLC purchased a new position in shares of TMC the metals in the 3rd quarter valued at approximately $44,000. Tidal Investments LLC lifted its stake in shares of TMC the metals by 32.6% in the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock valued at $514,000 after purchasing an additional 119,335 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of TMC the metals in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new position in shares of TMC the metals in the 4th quarter valued at approximately $94,000. Finally, Raymond James Financial Inc. purchased a new position in shares of TMC the metals in the 4th quarter valued at approximately $28,000. Hedge funds and other 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.