BlackRock Inc. Invests $6.56 Million in TMC the metals company Inc. $TMC

Key Points

• BlackRock acquired 1.48 million shares of TMC the metals company worth approximately $6.56 million, representing about 0.34% of the company. Other institutional investors also increased or initiated positions, though total institutional ownership remains low at 4.39%.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $10.44; individual targets range from $10.00 to $11.75, despite one sell rating.
• TMC shares opened at $4.44, within a 12-month range of $3.40 to $11.35. The company recently reported an adjusted loss of $0.14 per share, missing estimates of a $0.06 loss.

BlackRock Inc. bought a new stake in TMC the metals company Inc. (NASDAQ:TMC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,479,956 shares of the company's stock, valued at approximately $6,556,000. BlackRock Inc. owned about 0.34% of TMC the metals at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. acquired a new position in shares of TMC the metals during the 1st quarter worth about $211,000. Geode Capital Management LLC raised its position in shares of TMC the metals by 79.6% during the 2nd quarter. Geode Capital Management LLC now owns 330,823 shares of the company's stock worth $2,183,000 after acquiring an additional 146,650 shares in the last quarter. Creative Planning purchased a new stake in TMC the metals during the second quarter worth approximately $76,000. Cetera Investment Advisers purchased a new stake in TMC the metals during the second quarter worth approximately $168,000. Finally, Quantbot Technologies LP acquired a new position in TMC the metals in the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

Analyst Ratings Changes

TMC has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $11.75 price objective on shares of TMC the metals in a report on Tuesday, June 2nd. Stifel Nicolaus started coverage on shares of TMC the metals in a research note on Friday, August 28th. They set a "buy" rating and a $10.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a research report on Friday, July 17th. Maxim Group started coverage on shares of TMC the metals in a research report on Thursday, June 4th. They issued a "buy" rating and a $10.00 price target for the company. Finally, Wall Street Zen raised TMC the metals from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, TMC the metals currently has a consensus rating of "Moderate Buy" and an average target price of $10.44.

TMC the metals Trading Up 0.9%

NASDAQ:TMC opened at $4.44 on Friday. The firm has a market cap of $1.96 billion, a P/E ratio of -6.08 and a beta of 2.10. TMC the metals company Inc. has a 12-month low of $3.40 and a 12-month high of $11.35. The stock's 50 day simple moving average is $4.18 and its 200-day simple moving average is $4.98.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.08). Research analysts forecast that TMC the metals company Inc. will post -0.33 EPS for the current fiscal year.

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.

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