Maxim Group Initiates Coverage on TMC the metals (NASDAQ:TMC)

Equities research analysts at Maxim Group initiated coverage on shares of TMC the metals (NASDAQ:TMC) in a note issued to investors on Thursday. The brokerage set a “buy” rating and a $10.00 price target on the stock. Maxim Group’s target price suggests a potential upside of 63.40% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright reissued a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Finally, Wedbush raised their target price on shares of TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, TMC the metals currently has an average rating of “Hold” and an average price target of $10.58.

TMC the metals Stock Down 5.7%

TMC the metals stock opened at $6.12 on Thursday. The firm has a market cap of $2.65 billion, a PE ratio of -7.75 and a beta of 1.99. TMC the metals has a 52-week low of $3.93 and a 52-week high of $11.35. The company’s 50 day moving average is $5.21 and its two-hundred day moving average is $6.13.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, equities research analysts anticipate that TMC the metals will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TMC the metals news, Director Brendan May sold 20,768 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the sale, the director directly owned 193,346 shares in the company, valued at $1,241,281.32. This trade represents a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TMC. Encompass Capital Advisors LLC acquired a new stake in shares of TMC the metals during the 4th quarter worth about $18,510,000. Renaissance Technologies LLC acquired a new position in TMC the metals in the first quarter valued at approximately $3,409,000. UBS Group AG boosted its holdings in TMC the metals by 869.6% in the third quarter. UBS Group AG now owns 630,757 shares of the company’s stock valued at $4,018,000 after purchasing an additional 712,717 shares in the last quarter. Old West Investment Management LLC increased its stake in TMC the metals by 49.6% in the third quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock valued at $12,722,000 after purchasing an additional 662,200 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in TMC the metals by 234.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 678,540 shares of the company’s stock worth $4,187,000 after purchasing an additional 475,464 shares in the last quarter. 4.39% of the stock is owned by institutional investors and hedge funds.

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.