TMC the metals (NASDAQ:TMC) Hits New 1-Year Low – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.55 and last traded at $3.5450, with a volume of 806125 shares changing hands. The stock had previously closed at $3.78.

Wall Street Analysts Forecast Growth

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

TMC the metals Stock Performance

The company has a market capitalization of $1.57 billion, a PE ratio of -4.58 and a beta of 2.03. The company’s fifty day moving average is $4.78 and its 200-day moving average is $5.56.

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

Insider Activity at TMC the metals

In other news, Director Brendan May sold 20,768 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction 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 position. The sale was disclosed in a document filed 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 owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in TMC the metals by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 371,142 shares of the company’s stock worth $2,288,000 after buying an additional 1,566 shares in the last quarter. NewEdge Advisors LLC bought a new stake in TMC the metals during the second quarter valued at about $28,000. Osterweis Capital Management Inc. purchased a new position in shares of TMC the metals in the fourth quarter valued at about $29,000. Farther Finance Advisors LLC lifted its position in shares of TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock valued at $35,000 after acquiring an additional 4,681 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of TMC the metals in the fourth quarter worth about $29,000. 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.