TMC the metals (NASDAQ:TMC) Shares Gap Down on Disappointing Earnings

TMC the metals company Inc. (NASDAQ:TMC)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $4.41, but opened at $4.22. TMC the metals shares last traded at $4.2150, with a volume of 1,239,261 shares traded.

The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08).

Analysts Set New Price Targets

Several research firms recently weighed in on TMC. Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Friday, July 17th. Maxim Group began coverage on TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective for the company. 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, Wedbush boosted 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. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.58.

Insiders Place Their Bets

In related news, Director Brendan May sold 20,768 shares of the company’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 owned 193,346 shares of the company’s stock, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of TMC the metals

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of TMC the metals by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 371,142 shares of the company’s stock valued at $2,288,000 after buying an additional 1,566 shares in the last quarter. NewEdge Advisors LLC purchased a new position in TMC the metals in the second quarter worth about $28,000. Osterweis Capital Management Inc. bought a new stake in TMC the metals during the fourth quarter worth approximately $29,000. Farther Finance Advisors LLC increased its stake in TMC the metals by 465.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after acquiring an additional 4,681 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in TMC the metals during the fourth quarter valued at approximately $29,000. 4.39% of the stock is currently owned by institutional investors.

TMC the metals Trading Down 5.3%

The firm has a market capitalization of $1.81 billion, a P/E ratio of -5.30 and a beta of 2.06. The firm has a 50 day moving average price of $4.34 and a 200-day moving average price of $5.23.

About TMC the metals

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.