TMC the metals (NASDAQ:TMC) Stock Price Down 7.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

TMC the metals Trading Up 1.2%

The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.36 and a beta of 2.22. The company has a fifty day moving average price of $3.29 and a two-hundred day moving average price of $4.70.

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

Institutional Trading of TMC the metals

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of TMC the metals during the 2nd quarter valued at about $6,556,000. Old West Investment Management LLC acquired a new stake in TMC the metals during the second quarter worth about $5,334,000. Renaissance Technologies LLC purchased a new position in TMC the metals during the first quarter worth about $3,409,000. Mirador Capital Partners LP purchased a new position in TMC the metals during the third quarter worth about $2,448,000. Finally, Amundi raised its stake in TMC the metals by 625.7% during the second quarter. Amundi now owns 320,673 shares of the company’s stock worth $1,421,000 after purchasing an additional 276,487 shares during the period. 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.