TMC the Metals Co Inc. (NASDAQ:TMC) reported a series of transactions by Chief Development Officer Anthony O'Sullivan, who sold a total of 100,000 shares of company stock, according to a recent SEC filing. The transactions occurred over three consecutive days, with sales totaling approximately $149,792.
On May 29, O'Sullivan sold 25,000 shares at an average price of $1.5358 per share. The following day, another 25,000 shares were sold at an average price of $1.4915. The final sale took place on May 31, where O'Sullivan sold 50,000 shares at an average price of $1.4822. These sales were executed in multiple transactions at prices ranging from $1.46 to $1.595 per share.
The sales were reportedly made to cover the income tax associated with equity awards granted to O'Sullivan by TMC the Metals Co Inc. Following these transactions, O'Sullivan still owns a significant number of shares directly, as well as indirectly through JOZEM Pty Ltd., which is the trustee of The O'Sullivan Family Trust No. 1.
Investors monitoring insider activity may note that these sales have adjusted O'Sullivan's holdings in the company, yet he maintains a substantial stake through both direct and indirect ownership. The detailed breakdown of the transactions and the remaining ownership can be found in the company's SEC filing.
InvestingPro Insights
As TMC the Metals Co Inc. (NASDAQ:TMC) navigates the complexities of the market, a look into the company's financial health and stock performance can provide valuable context to the recent insider trading activity. The company's market capitalization stands at $471.15 million, reflecting its position in the industry. However, TMC's financial performance indicators suggest challenges ahead. With an adjusted P/E ratio over the last twelve months as of Q1 2024 at -5.53, the company is not currently profitable, a situation analysts expect to continue through the year. The Price / Book ratio during the same period is notably high at 260.3, which could signal that the stock is overvalued compared to the company's book value.
Despite these financial metrics, TMC's stock has shown a significant return over the past year, with a 113.01% increase, and a notable 28.95% uptick in the last six months. This volatility is an important consideration for investors, as highlighted by one of the InvestingPro Tips, which notes the stock's price movements are quite volatile. Additionally, the company's short-term obligations exceeding its liquid assets could raise concerns about its ability to meet immediate financial liabilities.
For investors seeking a deeper dive into TMC's financial outlook, InvestingPro offers a comprehensive set of additional tips, with a total of 9 tips available that provide insights into various aspects of the company's performance and expectations. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to these valuable tips and helping to inform investment decisions with real-time data and expert analysis.
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