TMC the metals (NASDAQ:TMC) Reaches New 1-Year Low – Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price reached a new 52-week low during trading on Thursday. The company traded as low as $3.37 and last traded at $3.3650, with a volume of 1485273 shares traded. The stock had previously closed at $3.52.

Wall Street Analysts Forecast Growth

TMC has been the subject of several analyst reports. Stifel Nicolaus assumed 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Finally, Zacks Research lowered shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.44.

TMC the metals Stock Down 5.8%

The company has a market cap of $1.46 billion, a PE ratio of -4.55 and a beta of 1.91. The stock’s 50 day simple moving average is $4.15 and its two-hundred day simple moving average is $4.62.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Analysts forecast that TMC the metals company Inc. will post -0.33 EPS for the current year.

Institutional Investors Weigh In On TMC the metals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC acquired a new position in shares of TMC the metals during the fourth quarter worth about $18,510,000. BlackRock Inc. acquired a new position in shares of TMC the metals in the second quarter worth about $6,556,000. Old West Investment Management LLC purchased a new stake in TMC the metals during the 2nd quarter worth approximately $5,334,000. Renaissance Technologies LLC purchased a new stake in TMC the metals during the 1st quarter worth approximately $3,409,000. Finally, Amundi raised its position in shares of TMC the metals by 625.7% in the 2nd quarter. Amundi now owns 320,673 shares of the company’s stock valued at $1,421,000 after purchasing an additional 276,487 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

About TMC the metals

TMC the metals company is a mineral exploration and development company focused on collecting polymetallic nodules from the seafloor. These potato-sized rocks contain nickel, copper, cobalt and manganese, metals used in rechargeable batteries, electric vehicles and other energy-transition technologies.

The company’s activities center on nodule resources in the Clarion-Clipperton Zone of the Pacific Ocean, an area between Mexico and Hawaii. TMC is developing technologies and operating plans for seafloor nodule collection, transport and processing, with the goal of producing battery metals while limiting some of the land disturbance associated with conventional mining.