TMC the metals (NASDAQ:TMC) Reaches New 1-Year Low – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.84 and last traded at $3.8150, with a volume of 1356112 shares changing hands. The stock had previously closed at $4.11.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TMC. HC Wainwright restated a “buy” rating and issued a $11.75 price objective on shares of TMC the metals in a research note on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Wedbush increased their price target on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Maxim Group assumed coverage on TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.58.

TMC the metals Stock Performance

The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -4.78 and a beta of 2.03. The business’s 50-day moving average is $5.07 and its 200-day moving average is $5.72.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the transaction, the director owned 193,346 shares in the company, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in shares of TMC the metals during the fourth quarter worth approximately $1,460,000. GSA Capital Partners LLP increased its holdings in shares of TMC the metals by 123.8% in the fourth quarter. GSA Capital Partners LLP now owns 220,510 shares of the company’s stock valued at $1,361,000 after purchasing an additional 121,961 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of TMC the metals in the fourth quarter valued at approximately $18,510,000. SLT Holdings LLC bought a new position in TMC the metals in the 4th quarter worth approximately $1,223,000. Finally, WINTON GROUP Ltd bought a new position in TMC the metals in the 4th quarter worth approximately $947,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.