TMC the metals (NASDAQ:TMC) Sets New 52-Week Low – Here’s Why

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TMC shares. Zacks Research cut shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report 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 initiated coverage on TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, TMC the metals currently has a consensus rating of “Moderate Buy” and an average target price of $10.44.

TMC the metals Price Performance

The company has a market capitalization of $1.03 billion, a PE ratio of -3.19 and a beta of 2.22. The company’s 50 day simple moving average is $3.69 and its 200 day simple moving average is $4.92.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). On average, equities analysts forecast that TMC the metals company Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently bought and sold shares of TMC. Commonwealth Equity Services LLC acquired a new position in TMC the metals in the third quarter valued at $299,000. True Freedom Investing LLC purchased a new stake in shares of TMC the metals in the 3rd quarter valued at about $77,000. Pinkerton Wealth LLC purchased a new stake in shares of TMC the metals in the 3rd quarter valued at about $77,000. Hubbell Strickland Wealth Management LLC acquired a new stake in shares of TMC the metals in the 3rd quarter valued at about $190,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of TMC the metals in the 3rd quarter valued at about $115,000. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.