TMC the metals (NASDAQ:TMC) Posts Quarterly Earnings Results, Misses Expectations 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) announced its quarterly earnings data on Thursday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01), Zacks reports.

TMC the metals Price Performance

TMC the metals stock traded down $0.05 during trading hours on Wednesday, reaching $4.67. The stock had a trading volume of 6,785,506 shares, compared to its average volume of 11,303,040. The company has a fifty day simple moving average of $6.33 and a 200-day simple moving average of $3.90. TMC the metals has a 52 week low of $0.72 and a 52 week high of $8.63. The stock has a market cap of $1.69 billion, a PE ratio of -12.62 and a beta of 1.59.

Insider Activity at TMC the metals

In other news, Director Brendan May sold 44,204 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction of $326,225.52. Following the completion of the sale, the director directly owned 197,586 shares in the company, valued at approximately $1,458,184.68. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new stake in shares of TMC the metals in the 2nd quarter worth about $3,133,000. Bank of America Corp DE raised its stake in TMC the metals by 437.7% in the second quarter. Bank of America Corp DE now owns 408,854 shares of the company's stock worth $2,698,000 after buying an additional 332,813 shares in the last quarter. Geode Capital Management LLC lifted its holdings in TMC the metals by 79.6% in the second quarter. Geode Capital Management LLC now owns 330,823 shares of the company's stock worth $2,183,000 after buying an additional 146,650 shares during the period. California State Teachers Retirement System purchased a new stake in TMC the metals in the second quarter worth about $1,452,000. Finally, Goldman Sachs Group Inc. bought a new stake in TMC the metals during the 1st quarter valued at approximately $211,000. 4.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TMC. HC Wainwright reissued a "buy" rating and issued a $7.25 price target on shares of TMC the metals in a research note on Monday. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $7.33.

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.