TMC the metals (NASDAQ:TMC) Trading Down 5.7% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s stock price dropped 5.7% during mid-day trading on Monday . The stock traded as low as $3.78 and last traded at $3.7810. Approximately 1,967,426 shares were traded during trading, a decline of 69% from the average session volume of 6,333,504 shares. The stock had previously closed at $4.01.

Analysts Set New Price Targets

Several analysts have recently commented on TMC shares. Wedbush raised their target price on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Maxim Group started coverage on TMC the metals in a research note on Thursday, June 4th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, TMC the metals presently has a consensus rating of “Hold” and an average target price of $10.58.

TMC the metals Stock Up 4.0%

The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -5.37 and a beta of 2.06. The stock’s 50 day moving average price is $4.27 and its two-hundred day moving average price is $5.14.

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 the consensus estimate of ($0.06) by ($0.08). On average, equities analysts expect that TMC the metals company Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at TMC the metals

In other news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the sale, the director directly owned 193,346 shares in the company, valued at $1,241,281.32. The trade was a 9.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coastal Bridge Advisors LLC acquired a new stake in TMC the metals in the second quarter valued at approximately $44,000. Capstone Investment Advisors LLC acquired a new position in shares of TMC the metals during the 2nd quarter worth $330,000. Corient Private Wealth LP bought a new position in shares of TMC the metals during the 2nd quarter valued at $93,000. Bank of America Corp DE bought a new position in shares of TMC the metals during the 2nd quarter valued at $855,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of TMC the metals in the 2nd quarter valued at $49,000. Institutional investors own 4.39% of the company’s stock.

TMC the metals Company Profile

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.