TMC the metals (NASDAQ:TMC) Shares Down 7% - What's Next?

Key Points

• TMC shares fell 7% in mid-day trading to about $3.13, with trading volume roughly 64% below the average session volume.
• Analyst views are mixed: Zacks Research downgraded the stock to “strong sell,” while Stifel Nicolaus initiated coverage with a “buy” rating and a $10 target. The overall consensus remains “Moderate Buy,” with an average price target of $10.44.
• TMC missed quarterly earnings expectations, reporting a $0.14 loss per share versus the expected $0.06 loss. The company focuses on extracting polymetallic seafloor nodules containing battery metals such as nickel, copper, cobalt and manganese.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price was down 7% during mid-day trading on Monday. The stock traded as low as $3.14 and last traded at $3.1250. Approximately 2,236,418 shares were traded during mid-day trading, a decline of 64% from the average session volume of 6,225,328 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Zacks Research downgraded TMC the metals from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 6th. Stifel Nicolaus started coverage on TMC the metals in a research report on Friday, August 28th. They issued a "buy" rating and a $10.00 target price on the stock. Finally, Weiss Ratings reiterated 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 assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $10.44.

TMC the metals Stock Performance

The firm has a market cap of $1.31 billion, a PE ratio of -4.08 and a beta of 1.91. The stock has a 50 day simple moving average of $4.14 and a two-hundred day simple moving average of $4.59.

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). Equities research analysts forecast that TMC the metals company Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Mirador Capital Partners LP acquired a new stake in shares of TMC the metals during the 3rd quarter worth approximately $2,448,000. GK Wealth Management LLC acquired a new position in shares of TMC the metals in the 3rd quarter valued at $29,000. State Street Corp lifted its stake 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 valued at $5,063,000 after purchasing an additional 156,852 shares during the period. Tidal Investments LLC lifted its stake in shares of TMC the metals by 39.0% in the 2nd quarter. Tidal Investments LLC now owns 17,560 shares of the company's stock valued at $78,000 after purchasing an additional 4,928 shares during the period. Finally, WINTON GROUP Ltd purchased a new stake in TMC the metals during the second quarter worth $975,000. 4.39% of the stock is owned by institutional investors and hedge funds.

TMC the metals Company Profile

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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