Old West Investment Management LLC Sells 2,935,038 Shares of TMC the metals company Inc. $TMC

Old West Investment Management LLC reduced its position in TMC the metals company Inc. (NASDAQ:TMC) by 68.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,335,038 shares of the company’s stock after selling 2,935,038 shares during the quarter. TMC the metals accounts for about 2.9% of Old West Investment Management LLC’s holdings, making the stock its 14th largest holding. Old West Investment Management LLC owned approximately 0.37% of TMC the metals worth $8,811,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of TMC. Allworth Financial LP raised its holdings in shares of TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company’s stock valued at $25,000 after buying an additional 4,796 shares in the last quarter. Sprott Inc. bought a new position in TMC the metals during the first quarter valued at approximately $26,000. Wolverine Asset Management LLC raised its stake in shares of TMC the metals by 752.6% during the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company’s stock worth $33,000 after acquiring an additional 4,365 shares in the last quarter. KBC Group NV purchased a new position in shares of TMC the metals during the second quarter worth approximately $37,000. Finally, Foster Dykema Cabot & Partners LLC bought a new stake in shares of TMC the metals in the 1st quarter worth approximately $44,000. 4.39% of the stock is currently owned by institutional investors.

TMC the metals Stock Down 8.3%

Shares of NASDAQ TMC opened at $5.17 on Friday. The firm’s fifty day moving average is $6.84 and its 200 day moving average is $5.85. TMC the metals company Inc. has a 52 week low of $0.72 and a 52 week high of $11.35. The company has a market cap of $2.10 billion, a price-to-earnings ratio of -13.97 and a beta of 1.71.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). Equities research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on TMC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Zacks Research lowered shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.25 price objective on shares of TMC the metals in a research note on Monday, August 18th. Three analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, TMC the metals currently has an average rating of “Hold” and a consensus price target of $7.33.

Insider Transactions at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of the company’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 completion of the transaction, the insider owned 1,145,792 shares of the company’s stock, valued at $6,611,219.84. This represents a 58.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony O’sullivan sold 250,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was 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 approximately $5,909,751.75. This trade represents a 18.17% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 27.60% 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.