TMC the metals (NASDAQ:TMC) Hits New 12-Month Low - Time to Sell?

Key Points

• TMC shares fell to a new 52-week low of $2.47, down from the previous close of $2.65, with the stock trading well below its 50-day and 200-day moving averages.
• Analyst opinions are mixed: Zacks downgraded the stock to “strong sell” and Weiss maintained a “sell” rating, while Stifel issued a “buy” rating with a $10 price target. Overall, MarketBeat lists a “Moderate Buy” consensus and an average target of $10.44.
• The company reported a quarterly loss of $0.14 per share, missing the $0.06 consensus estimate, and analysts expect a full-year loss of $0.38 per share. Institutional investors own 4.39% of TMC, including recent positions from BlackRock and Old West Investment Management.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $2.47 and last traded at $2.4850, with a volume of 1,605,206 shares trading hands. The stock had previously closed at $2.65.

Wall Street Analysts Forecast Growth

TMC has been the subject of several recent analyst reports. Zacks Research downgraded TMC the metals from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 6th. 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 price objective for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research report on Thursday, October 15th. One 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, the company has an average rating of "Moderate Buy" and an average target price of $10.44.

TMC the metals Stock Performance

The company has a market cap of $1.09 billion, a P/E ratio of -3.38 and a beta of 1.91. The stock has a 50-day simple moving average of $3.89 and a 200 day simple moving average of $4.49.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued 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). Sell-side analysts anticipate that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. BlackRock Inc. acquired a new position in TMC the metals in the second quarter worth about $6,556,000. Old West Investment Management LLC acquired a new position in shares of TMC the metals in the 2nd quarter worth approximately $5,334,000. State Street Corp raised 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 worth $5,063,000 after buying an additional 156,852 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of TMC the metals during the 1st quarter worth approximately $3,409,000. Finally, Mirador Capital Partners LP acquired a new stake in TMC the metals in the 3rd quarter valued at $2,448,000. Institutional investors own 4.39% of the company's stock.

About TMC the metals

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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