TMC the metals (NASDAQ:TMC) Reaches New 1-Year Low - Should You Sell?

Key Points

• TMC shares fell to a new 52-week low of $3.37, below its 50-day and 200-day moving averages, amid continued price weakness.
• Analyst views are mixed: Zacks downgraded the stock to “strong sell,” while Stifel initiated coverage with a “buy” rating and a $10 target. The overall consensus remains “Moderate Buy,” with an average target of $10.44.
• The company reported a quarterly loss of $0.14 per share, missing the $0.06 loss estimate, and analysts expect a full-year loss of $0.33 per share. TMC is developing seafloor polymetallic nodule extraction for battery metals including nickel, copper, cobalt and manganese.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price reached a new 52-week low on Thursday. The company traded as low as $3.37 and last traded at $3.3650, with a volume of 1485273 shares trading hands. The stock had previously closed at $3.52.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Zacks Research cut TMC the metals from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Stifel Nicolaus began coverage on shares of TMC the metals in a research report on Friday, August 28th. They set a "buy" rating and a $10.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research note on Friday, July 17th. One 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.44.

TMC the metals Price Performance

The firm has a market cap of $1.46 billion, a PE ratio of -4.55 and a beta of 1.91. The business has a 50-day moving average price of $4.15 and a two-hundred day moving average price of $4.62.

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

Institutional Trading of TMC the metals

Institutional investors and hedge funds have recently modified their holdings of the business. Encompass Capital Advisors LLC acquired a new position in shares of TMC the metals during the 4th quarter worth approximately $18,510,000. BlackRock Inc. acquired a new stake in TMC the metals during the 2nd quarter valued at $6,556,000. Old West Investment Management LLC purchased a new position in TMC the metals during the second quarter worth $5,334,000. State Street Corp increased its position 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 buying an additional 156,852 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of TMC the metals in the first quarter worth $3,409,000. Hedge funds and other institutional investors 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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