TMC the metals (NASDAQ:TMC) Stock Falls 7.5% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) shares traded down 7.5% during mid-day trading on Tuesday. The stock traded as low as $2.44 and last traded at $2.4230. 806,614 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 6,138,143 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stifel Nicolaus began coverage on shares of TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 target price for the company. Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, TMC the metals currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Trading Down 8.6%

The business has a 50 day moving average price of $3.38 and a 200-day moving average price of $4.76. The firm has a market capitalization of $1.06 billion, a PE ratio of -3.29 and a beta of 2.22.

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

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently made changes to their positions in the stock. GK Wealth Management LLC acquired a new position in shares of TMC the metals during the 3rd quarter worth $29,000. Coastal Bridge Advisors LLC acquired a new stake in shares of TMC the metals in the second quarter valued at about $44,000. Northwestern Mutual Wealth Management Co. purchased a new stake in TMC the metals during the second quarter worth about $44,000. Consolidated Capital Management LLC purchased a new stake in TMC the metals during the third quarter worth about $38,000. Finally, Lazari Capital Management Inc. acquired a new position in TMC the metals during the third quarter worth about $38,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

About TMC the metals

TMC the metals company Inc. is a deep-sea minerals exploration and development company focused on polymetallic nodules found on the ocean floor. The nodules contain metals including nickel, copper, cobalt and manganese, which are used in batteries, stainless steel and other industrial applications. The company’s exploration activities are centered in the Clarion-Clipperton Zone of the Pacific Ocean. Through subsidiaries sponsored by Pacific island nations, TMC holds exploration contracts with the International Seabed Authority.