TMC the metals (NASDAQ:TMC) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of TMC the metals (NASDAQ:TMC) from a hold rating to a strong sell rating in a report released on Tuesday,Zacks reports.

A number of other research analysts have also commented on the stock. Stifel Nicolaus began coverage on shares of TMC the metals in a research report on Friday, August 28th. They set a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, TMC the metals presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Trading Down 4.9%

Shares of TMC the metals stock opened at $3.52 on Tuesday. TMC the metals has a 1 year low of $3.40 and a 1 year high of $11.35. The company’s fifty day simple moving average is $4.15 and its 200-day simple moving average is $4.62. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -4.82 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last released its earnings results on Thursday, August 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, research analysts forecast that TMC the metals will post -0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in TMC the metals in the 4th quarter valued at $33,000. Coastal Bridge Advisors LLC bought a new position in shares of TMC the metals during the 2nd quarter worth about $44,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of TMC the metals during the 2nd quarter valued at about $44,000. Vise Technologies Inc. acquired a new stake in shares of TMC the metals during the 2nd quarter valued at about $45,000. Finally, Bank of New York Mellon Corp bought a new stake in TMC the metals in the second quarter valued at about $45,000. 4.39% of the stock is owned by institutional investors.

About TMC the metals

TMC the metals company is a mineral exploration and development company focused on collecting polymetallic nodules from the seafloor. These potato-sized rocks contain nickel, copper, cobalt and manganese, metals used in rechargeable batteries, electric vehicles and other energy-transition technologies.

The company’s activities center on nodule resources in the Clarion-Clipperton Zone of the Pacific Ocean, an area between Mexico and Hawaii. TMC is developing technologies and operating plans for seafloor nodule collection, transport and processing, with the goal of producing battery metals while limiting some of the land disturbance associated with conventional mining.