TMC the metals (NASDAQ:TMC) Stock Rating Lowered by Zacks Research

TMC the metals (NASDAQ:TMC) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Other analysts also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. Stifel Nicolaus began coverage on TMC the metals in a report on Friday, August 28th. They issued a “buy” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, TMC the metals has an average rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Trading Down 4.9%

TMC stock opened at $3.52 on Tuesday. The firm has a 50 day moving average of $4.15 and a 200-day moving average of $4.62. TMC the metals has a 12-month low of $3.40 and a 12-month high of $11.35. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -4.82 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last released 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). Sell-side analysts forecast that TMC the metals will post -0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Encompass Capital Advisors LLC acquired a new position in shares of TMC the metals during the 4th quarter valued at about $18,510,000. BlackRock Inc. acquired a new stake in shares of TMC the metals in the second quarter worth approximately $6,556,000. Old West Investment Management LLC acquired a new stake in shares of TMC the metals in the second quarter worth approximately $5,334,000. Renaissance Technologies LLC purchased a new stake in TMC the metals in the first quarter valued at approximately $3,409,000. Finally, Amundi grew its holdings in TMC the metals by 625.7% in the second quarter. Amundi now owns 320,673 shares of the company’s stock valued at $1,421,000 after purchasing an additional 276,487 shares during the period. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Company Profile

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.