TMC the metals (NASDAQ:TMC) Sets New 52-Week Low - Here's Why

Key Points

• TMC the metals fell 10.4% to $2.32, setting a new 52-week low, while trading volume reached nearly 4 million shares. The stock remains below its 50-day and 200-day moving averages.
• Analyst opinion is mixed: Stifel Nicolaus initiated coverage with a “buy” rating and a $10 target, while Weiss Ratings maintained a “sell” rating and Zacks downgraded the stock to “strong sell.” MarketBeat’s consensus remains “Moderate Buy,” with a $10.44 target.
• TMC reported a quarterly loss of $0.14 per share, missing the $0.06 loss expected by analysts. Institutional investors own only 4.39% of the company, though several hedge funds recently initiated small positions.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) hit a new 52-week low on Monday. The company traded as low as $2.32 and last traded at $2.33, with a volume of 3,970,010 shares trading hands. The stock had previously closed at $2.60.

Analysts Set New Price Targets

Several research firms recently issued reports on TMC. Stifel Nicolaus initiated coverage on TMC the metals in a research note on Friday, August 28th. They set a "buy" rating and a $10.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research report on Thursday, October 15th. Finally, Zacks Research downgraded TMC the metals from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.44.

TMC the metals Stock Down 10.4%

The firm has a market cap of $1.03 billion, a PE ratio of -3.19 and a beta of 2.22. The business has a 50-day moving average price of $3.69 and a two-hundred day moving average price of $4.92.

TMC the metals (NASDAQ:TMC - Get Free Report) last released 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). On average, equities research analysts predict that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GK Wealth Management LLC acquired a new position in shares of TMC the metals during the third quarter worth about $29,000. Consolidated Capital Management LLC acquired a new stake in TMC the metals in the third quarter valued at approximately $38,000. Lazari Capital Management Inc. acquired a new stake in TMC the metals in the third quarter valued at approximately $38,000. Brookstone Capital Management acquired a new stake in TMC the metals in the third quarter valued at approximately $39,000. Finally, Coastal Bridge Advisors LLC purchased a new position in TMC the metals in the second quarter worth approximately $44,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

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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