TMC the metals (NASDAQ:TMC) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

TMC the metals (NASDAQ:TMC) released its quarterly earnings results on Thursday. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08), FiscalAI reports.

TMC the metals Stock Down 1.3%

TMC stock traded down $0.06 during trading on Thursday, hitting $4.41. 4,183,570 shares of the company’s stock traded hands, compared to its average volume of 6,346,484. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of -5.58 and a beta of 2.06. TMC the metals has a 52 week low of $3.40 and a 52 week high of $11.35. The stock has a fifty day moving average price of $4.37 and a two-hundred day moving average price of $5.26.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at TMC the metals

In related news, Director Brendan May sold 20,768 shares of the stock in a transaction dated 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 in the company, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by corporate insiders.

Institutional Trading of TMC the metals

Hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC acquired a new stake in TMC the metals in the second quarter worth $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TMC the metals in the 4th quarter worth about $29,000. Osterweis Capital Management Inc. acquired a new position in TMC the metals during the 4th quarter valued at about $29,000. Sunbelt Securities Inc. bought a new position in TMC the metals in the 3rd quarter worth about $34,000. Finally, Quantbot Technologies LP acquired a new stake in shares of TMC the metals in the second quarter valued at approximately $48,000. 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.