In a recent move, Gregory Stone, the Chief Ocean Scientist at TMC the metals Co Inc. (NASDAQ:TMC), sold a significant number of company shares, according to a Form 4 filing with the Securities and Exchange Commission. Stone parted with a total of 64,489 common shares through multiple transactions, bringing in over $70,000.
The transactions took place over several dates, with the first sale recorded on September 28, 2023, where 14,489 shares were sold at an average price of $1.0026. The subsequent sales occurred on December 4 and December 22, 2023, with 25,000 shares sold each day at average prices of $1.1624 and $1.0957, respectively. The prices for the December transactions ranged from $1.09 to $1.17, as detailed in the footnotes of the filing.
These sales significantly reduced Stone\'s holdings in TMC the metals Co Inc. but still left him with a substantial number of shares. After the December 22 transaction, Stone held 320,876 shares in the company.
In addition to the sales, the Form 4 filing also disclosed an award of 12,414 restricted stock units (RSUs) to Stone on March 20, 2024, as part of the company\'s short-term incentive plan. These RSUs vested immediately upon issuance with a price of $0.00, indicating they were granted rather than purchased.
The filing also notes that Stone has committed to providing full details of the sales transactions, including the number of shares sold at each specific price, upon request by the SEC staff, the issuer, or a security holder of the issuer.
Investors and market watchers often scrutinize Form 4 filings for insights into executives\' perspectives on their company\'s stock, as these transactions can indicate confidence or concern regarding the firm\'s future prospects.
Pro Insights
As TMC the metals Co Inc. (NASDAQ:TMC) witnesses its Chief Ocean Scientist, Gregory Stone, reducing his stake in the company, investors may be curious about the financial health and market performance of TMC. According to Pro data, TMC has a market capitalization of approximately $499.38 million and is trading at a high Price / Book multiple of 9.02. Despite the company\'s significant negative return on assets of -133.0% for the last twelve months as of Q1 2023, TMC has demonstrated a strong return over the last month, with a 21.64% price total return.
In terms of stock performance, TMC has experienced volatile price movements, as indicated by a 50.93% price total return over the last six months. This volatility is consistent with the Pro Tip that TMC’s stock price movements are quite volatile. Furthermore, the company\'s stock has surged with an 89.27% price total return over the last year, which aligns with another Pro Tip highlighting a high return over the same period. However, analysts remain cautious, as indicated by another Pro Tip stating that they do not anticipate the company will be profitable this year.
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