TMC the metals company Inc. (NASDAQ:TMC) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analysts give TMC a “Moderate Buy” consensus based on six brokerages: three buys, one strong buy and two sells. The average 12-month price target is $10.44.
• Institutional interest increased, with BlackRock, Old West Investment Management and Renaissance Technologies among investors taking new positions; institutions collectively own 4.39% of TMC.
• TMC shares opened at $2.60, down 8.5%, and remain near their 52-week low of $2.34. The company also reported a quarterly loss of $0.14 per share, missing the $0.06-per-share consensus estimate.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) has received an average rating of "Moderate Buy" from the six brokerages that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $10.44.

Several analysts have weighed in on the company. Stifel Nicolaus assumed coverage on TMC the metals in a research report on Friday, August 28th. They issued a "buy" rating and a $10.00 price objective for the company. Zacks Research cut shares of TMC the metals from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of TMC the metals in a report on Thursday, October 15th.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently added to or reduced their stakes in TMC. BlackRock Inc. purchased a new position in TMC the metals during the 2nd quarter valued at about $6,556,000. Old West Investment Management LLC purchased a new stake in TMC the metals in the 2nd quarter worth approximately $5,334,000. State Street Corp lifted its holdings in TMC the metals by 15.9% in the 2nd quarter. State Street Corp now owns 1,143,002 shares of the company's stock worth $5,063,000 after buying an additional 156,852 shares during the period. Renaissance Technologies LLC purchased a new stake in TMC the metals in the 1st quarter worth approximately $3,409,000. Finally, Mirador Capital Partners LP bought a new stake in shares of TMC the metals in the 3rd quarter worth approximately $2,448,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

TMC the metals Trading Down 8.5%

NASDAQ TMC opened at $2.60 on Friday. TMC the metals has a 1-year low of $2.34 and a 1-year high of $10.05. The stock has a 50-day moving average of $3.69 and a 200-day moving average of $4.92. The firm has a market cap of $1.15 billion, a PE ratio of -3.56 and a beta of 1.91.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results 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). As a group, equities research analysts forecast that TMC the metals will post -0.38 earnings per share for the current fiscal year.

TMC the metals Company Profile

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.

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