TMC the metals (NASDAQ:TMC) Stock Price Down 6.4% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC) traded down 6.4% during mid-day trading on Wednesday . The stock traded as low as $1.71 and last traded at $1.68. 213,815 shares changed hands during trading, a decline of 87% from the average session volume of 1,609,705 shares. The stock had previously closed at $1.79.

Analyst Ratings Changes

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

TMC the metals Price Performance

The stock’s fifty day simple moving average is $1.77 and its two-hundred day simple moving average is $1.25. The company has a market capitalization of $546.38 million, a price-to-earnings ratio of -5.47 and a beta of 1.52.

Insider Activity

In related news, insider Erika Ilves sold 217,099 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 998,170 shares in the company, valued at $1,107,968.70. This trade represents a 17.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 30.00% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. acquired a new stake in TMC the metals in the 4th quarter worth $28,000. Tidal Investments LLC grew its holdings in TMC the metals by 32.6% during the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after acquiring an additional 119,335 shares during the period. Virtu Financial LLC bought a new position in TMC the metals during the third quarter worth about $44,000. SBI Securities Co. Ltd. acquired a new position in shares of TMC the metals in the 4th quarter valued at $94,000. Finally, Independent Advisor Alliance acquired a new stake in TMC the metals during the 4th quarter worth approximately $42,000. 4.39% of the stock is currently owned by hedge funds and other 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.