Insider Selling: TMC the metals (NASDAQ:TMC) Director Sells $133,330.56 in Stock

TMC the metals company Inc. (NASDAQ:TMC) Director Brendan May sold 20,768 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the sale, the director owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

TMC the metals Stock Down 2.1%

TMC the metals stock opened at $5.99 on Friday. The company’s fifty day simple moving average is $5.24 and its 200-day simple moving average is $6.14. TMC the metals company Inc. has a 12 month low of $3.93 and a 12 month high of $11.35. The stock has a market cap of $2.59 billion, a P/E ratio of -7.58 and a beta of 1.99.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities research analysts expect that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TMC shares. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright restated a “buy” rating and set a $11.75 price target on shares of TMC the metals in a report on Tuesday. Maxim Group started coverage on shares of TMC the metals in a report on Thursday. They set a “buy” rating and a $10.00 price target on the stock. Finally, Wedbush boosted their price target on shares of TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, TMC the metals has an average rating of “Hold” and a consensus target price of $10.58.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in TMC the metals by 83.0% in the first quarter. Bank of America Corp DE now owns 150,600 shares of the company’s stock worth $703,000 after purchasing an additional 68,324 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in TMC the metals in the first quarter worth $66,000. Amundi boosted its holdings in TMC the metals by 13.3% in the first quarter. Amundi now owns 44,186 shares of the company’s stock worth $206,000 after purchasing an additional 5,202 shares in the last quarter. California State Teachers Retirement System boosted its holdings in TMC the metals by 38.4% in the first quarter. California State Teachers Retirement System now owns 264,499 shares of the company’s stock worth $1,235,000 after purchasing an additional 73,365 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in TMC the metals in the first quarter worth $3,409,000. 4.39% of the stock is currently owned by institutional investors.

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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.