TMC the metals company Inc. (NASDAQ:TMC) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• TMC received a consensus “Moderate Buy” rating from six analysts, with three buys, one strong buy, one hold and one sell. The average 12-month price target is $10.44.
• Institutional investors own 4.39% of the company, with several hedge funds initiating positions and State Street increasing its stake by 15.9%.
• TMC shares opened at $3.70, near their 12-month low, and recently reported a quarterly loss of $0.14 per share versus analyst expectations of a $0.06 loss.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.44.

A number of analysts have issued reports on the company. Stifel Nicolaus initiated coverage on TMC the metals in a research note on Friday, August 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a research report on Friday, July 17th.

Institutional Investors Weigh In On TMC the metals

A number of hedge funds have recently bought and sold shares of TMC. Encompass Capital Advisors LLC purchased a new position in shares of TMC the metals in the 4th quarter worth $18,510,000. BlackRock Inc. purchased a new stake in shares of TMC the metals during the 2nd quarter valued at about $6,556,000. Old West Investment Management LLC bought a new position in shares of TMC the metals in the 2nd quarter valued at about $5,334,000. State Street Corp lifted its holdings in shares of TMC the metals by 15.9% in the 2nd quarter. State Street Corp now owns 1,143,002 shares of the company's stock valued at $5,063,000 after acquiring an additional 156,852 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in TMC the metals in the first quarter worth about $3,409,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

TMC the metals Stock Down 1.9%

Shares of TMC the metals stock opened at $3.70 on Wednesday. TMC the metals has a twelve month low of $3.40 and a twelve month high of $11.35. The business has a 50-day moving average price of $4.15 and a 200-day moving average price of $4.63. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -5.07 and a beta of 1.91.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.08). On average, equities analysts expect that TMC the metals will post -0.33 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.