TMC the metals (NASDAQ:TMC) Hits New 52-Week Low - Here's What Happened

Key Points

• TMC shares hit a new 52-week low of $3.55 during Tuesday trading, down from the prior close of $3.78. The company has a $1.57 billion market capitalization, with its stock trading below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: three analysts rate TMC a Buy, one rates it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $10.58.
• TMC reported a quarterly loss of $0.05 per share, slightly better than the $0.06 loss analysts expected, while analysts project a full-year loss of $0.31 per share. An insider also sold shares to cover tax obligations, and insiders own 28.5% of the company.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.55 and last traded at $3.5450, with a volume of 806125 shares changing hands. The stock had previously closed at $3.78.

Wall Street Analyst Weigh In

TMC has been the topic of several recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of TMC the metals in a research note on Friday, July 17th. HC Wainwright reiterated a "buy" rating and set a $11.75 price objective on shares of TMC the metals in a research note on Tuesday, June 2nd. Maxim Group initiated coverage on TMC the metals in a research note on Thursday, June 4th. They issued a "buy" rating and a $10.00 target price on the stock. Wall Street Zen upgraded TMC the metals from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Wedbush lifted their price target on TMC the metals from $8.00 to $10.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $10.58.

TMC the metals Price Performance

The firm has a 50-day moving average of $4.78 and a 200 day moving average of $5.56. The company has a market capitalization of $1.57 billion, a PE ratio of -4.58 and a beta of 2.03.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Equities analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at TMC the metals

In related news, Director Brendan May sold 20,768 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the transaction, the director owned 193,346 shares in the company, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by insiders.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of TMC the metals by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 371,142 shares of the company's stock valued at $2,288,000 after buying an additional 1,566 shares during the period. NewEdge Advisors LLC bought a new position in TMC the metals in the second quarter valued at about $28,000. Osterweis Capital Management Inc. purchased a new position in TMC the metals in the fourth quarter worth about $29,000. Farther Finance Advisors LLC boosted its position in TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company's stock worth $35,000 after purchasing an additional 4,681 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of TMC the metals during the 4th quarter valued at about $29,000. Institutional investors own 4.39% of the company's stock.

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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.

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