TMC the metals (NASDAQ:TMC) Stock Price Down 4.2% – Time to Sell?

TMC the metals company Inc. (NASDAQ:TMC) dropped 4.2% on Wednesday. The stock traded as low as $2.65 and last traded at $2.6350. Approximately 617,455 shares were traded during trading, a decline of 90% from the average daily volume of 6,182,736 shares. The stock had previously closed at $2.75.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TMC. Zacks Research cut TMC the metals from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Thursday, October 15th. Finally, Stifel Nicolaus began coverage on shares of TMC the metals in a report on Friday, August 28th. They set a “buy” rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.44.

TMC the metals Trading Up 1.4%

The firm has a market capitalization of $1.25 billion, a PE ratio of -3.89 and a beta of 1.91. The company has a fifty day moving average price of $3.72 and a two-hundred day moving average price of $4.94.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). As a group, equities research analysts predict that TMC the metals company Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently bought and sold shares of TMC. GK Wealth Management LLC acquired a new position in TMC the metals in the 3rd quarter valued at about $29,000. Consolidated Capital Management LLC purchased a new stake in TMC the metals during the 3rd quarter valued at approximately $38,000. Lazari Capital Management Inc. purchased a new stake in TMC the metals during the 3rd quarter valued at approximately $38,000. Brookstone Capital Management acquired a new stake in TMC the metals during the 3rd quarter worth approximately $39,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in TMC the metals during the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

About TMC the metals

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.