TMC the metals (NASDAQ:TMC) Reaches New 12-Month Low - Should You Sell?

Key Points

• TMC the metals fell to a new 52-week low, trading as low as $2.72 and last changing hands at $2.82, well below its 50-day and 200-day moving averages of $4.10 and $4.57.
• Analyst views are mixed: the consensus rating is “Moderate Buy” with an average price target of $10.44, but Zacks Research downgraded the stock to “Strong Sell” and Weiss Ratings maintained a “Sell” rating.
• The company reported a quarterly loss of $0.14 per share, missing the $0.06-per-share consensus estimate, while analysts project a full-year loss of $0.38 per share. TMC is developing seafloor polymetallic nodule collection to supply battery metals such as nickel, copper, cobalt and manganese.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) hit a new 52-week low on Wednesday. The company traded as low as $2.72 and last traded at $2.82, with a volume of 7,659,352 shares traded. The stock had previously closed at $2.88.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TMC shares. 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 on the stock. Zacks Research downgraded TMC the metals from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $10.44.

TMC the metals Stock Performance

The business's fifty day moving average price is $4.10 and its 200-day moving average price is $4.57. The stock has a market cap of $1.24 billion, a PE ratio of -3.86 and a beta of 1.91.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its quarterly 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). Analysts forecast that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC bought a new stake in shares of TMC the metals in the fourth quarter worth $18,510,000. BlackRock Inc. purchased a new stake in TMC the metals during the second quarter valued at $6,556,000. Old West Investment Management LLC purchased a new stake in TMC the metals during the second quarter valued at $5,334,000. State Street Corp lifted its holdings in TMC the metals by 15.9% in the second 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 period. Finally, Renaissance Technologies LLC bought a new position in TMC the metals in the first quarter valued at about $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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