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

TMC the metals company Inc. (NASDAQ:TMC)’s stock price traded down 5.1% on Thursday . The stock traded as low as $1.77 and last traded at $1.78. 598,551 shares changed hands during trading, a decline of 63% from the average session volume of 1,626,968 shares. The stock had previously closed at $1.87.

Analyst Upgrades and Downgrades

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

TMC the metals Price Performance

The company has a fifty day moving average price of $1.74 and a two-hundred day moving average price of $1.24. The company has a market capitalization of $590.16 million, a P/E 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 the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the transaction, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 30.00% of the stock is owned by insiders.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its holdings in TMC the metals by 11.9% during the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock worth $608,000 after buying an additional 57,606 shares in the last quarter. Shay Capital LLC grew its stake in TMC the metals by 965.6% in the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock valued at $1,044,000 after purchasing an additional 844,904 shares during the period. First Manhattan CO. LLC. grew its stake in TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock valued at $20,974,000 after purchasing an additional 10,025,000 shares during the period. Jane Street Group LLC grew its stake in TMC the metals by 7,330.9% in the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock valued at $1,507,000 after purchasing an additional 1,364,424 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of TMC the metals during the 4th quarter worth $65,000. 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.