TMC the metals (NASDAQ:TMC) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• TMC the metals reported a quarterly EPS of ($0.07), missing estimates by $0.01, indicating challenges in meeting market expectations.
• During trading, TMC stock fell by $0.49 to $4.92, with over 17 million shares exchanged, showcasing significant market activity.
• Institutional investors made notable changes to their TMC holdings, with Bank of America boosting its position by 437.7% in the second quarter.

TMC the metals (NASDAQ:TMC - Get Free Report) released its earnings results on Thursday. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01), Zacks reports.

TMC the metals Stock Performance

TMC stock traded down $0.49 during mid-day trading on Friday, hitting $4.92. 17,467,338 shares of the company were exchanged, compared to its average volume of 8,419,909. The firm has a market cap of $1.78 billion, a P/E ratio of -21.39 and a beta of 1.59. TMC the metals has a 1-year low of $0.72 and a 1-year high of $8.63. The firm's 50 day simple moving average is $6.29 and its 200 day simple moving average is $3.81.

Insider Activity at TMC the metals

In other news, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the transaction, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,054,244.83. This trade represents a 12.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brendan May sold 44,204 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $7.38, for a total transaction of $326,225.52. Following the transaction, the director directly owned 197,586 shares of the company's stock, valued at $1,458,184.68. This represents a 18.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 233,521 shares of company stock valued at $1,259,009 over the last ninety days. Company insiders own 27.60% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in TMC the metals during the second quarter worth $3,133,000. Bank of America Corp DE boosted its position in TMC the metals by 437.7% during the second quarter. Bank of America Corp DE now owns 408,854 shares of the company's stock worth $2,698,000 after purchasing an additional 332,813 shares during the period. Geode Capital Management LLC boosted its position in TMC the metals by 79.6% during the second quarter. Geode Capital Management LLC now owns 330,823 shares of the company's stock worth $2,183,000 after purchasing an additional 146,650 shares during the period. California State Teachers Retirement System bought a new position in TMC the metals during the second quarter worth $1,452,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in TMC the metals during the second quarter worth $592,000. 4.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TMC shares. HC Wainwright increased their price objective on shares of TMC the metals from $5.50 to $7.25 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th.

About TMC the metals

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean.

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