TMC the metals (NASDAQ:TMC) Reaches New 1-Year Low – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s stock price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $2.32 and last traded at $2.33, with a volume of 3,970,010 shares. The stock had previously closed at $2.60.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Stifel Nicolaus started coverage on TMC the metals in a research report on Friday, August 28th. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research report on Thursday, October 15th. Finally, Zacks Research lowered TMC the metals from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Stock Performance

The stock has a fifty day simple moving average of $3.54 and a two-hundred day simple moving average of $4.84. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.16 and a beta of 2.22.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data 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). Research analysts forecast that TMC the metals company Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On TMC the metals

Large investors have recently bought and sold shares of the stock. Arizona State Retirement System raised its holdings in shares of TMC the metals by 5.2% during the second quarter. Arizona State Retirement System now owns 59,765 shares of the company’s stock valued at $265,000 after purchasing an additional 2,977 shares during the period. Tidal Investments LLC grew its stake in shares of TMC the metals by 39.0% in the 2nd quarter. Tidal Investments LLC now owns 17,560 shares of the company’s stock valued at $78,000 after buying an additional 4,928 shares during the period. SBI Securities Co. Ltd. increased its position in TMC the metals by 52.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 14,519 shares of the company’s stock valued at $56,000 after buying an additional 4,980 shares in the last quarter. Amundi increased its position in TMC the metals by 13.3% in the 1st quarter. Amundi now owns 44,186 shares of the company’s stock valued at $206,000 after buying an additional 5,202 shares in the last quarter. Finally, Money Concepts Capital Corp raised its stake in TMC the metals by 58.0% during the 1st quarter. Money Concepts Capital Corp now owns 17,377 shares of the company’s stock worth $81,000 after buying an additional 6,377 shares during the period. 4.39% of the stock is currently owned by institutional investors and hedge funds.

TMC the metals Company Profile

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.