TMC the metals (NASDAQ:TMC) Stock Rating Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded TMC the metals to “strong sell” from “hold,” although analyst sentiment remains mixed, with an overall “moderate buy” rating and a $10.44 consensus price target.
• TMC shares opened at $3.52, near their 52-week low of $3.40, after declining 4.9%; the company’s latest quarterly loss of $0.14 per share was wider than the expected $0.06 loss.
• Institutional investors own 4.39% of TMC, with several funds increasing their positions or initiating new stakes during the second quarter.

TMC the metals (NASDAQ:TMC - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday, Zacks reports.

Other equities 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 initiated coverage on TMC the metals in a research report on Friday, August 28th. They issued a "buy" rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, TMC the metals currently has an average rating of "Moderate Buy" and a consensus price target of $10.44.

TMC the metals Stock Down 4.9%

TMC stock opened at $3.52 on Tuesday. TMC the metals has a fifty-two week low of $3.40 and a fifty-two week high of $11.35. The firm's 50-day simple moving average is $4.15 and its 200 day simple moving average is $4.62. The stock has a market cap of $1.55 billion, a PE ratio of -4.82 and a beta of 1.91.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in TMC the metals by 15.9% during the second quarter. State Street Corp now owns 1,143,002 shares of the company's stock worth $5,063,000 after purchasing an additional 156,852 shares in the last quarter. Tidal Investments LLC boosted its stake in TMC the metals by 39.0% during the 2nd quarter. Tidal Investments LLC now owns 17,560 shares of the company's stock valued at $78,000 after purchasing an additional 4,928 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of TMC the metals during the 2nd quarter valued at $975,000. Engineers Gate Manager LP acquired a new position in shares of TMC the metals during the 2nd quarter valued at $402,000. Finally, Arizona State Retirement System raised its stake in shares of TMC the metals by 5.2% in the 2nd quarter. Arizona State Retirement System now owns 59,765 shares of the company's stock worth $265,000 after buying an additional 2,977 shares in the last quarter. Institutional investors and hedge funds own 4.39% of the company's stock.

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.

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