TMC the metals (NASDAQ:TMC) Reaches New 1-Year Low - What's Next?

Key Points

• TMC the metals hit a new 52-week low on Thursday, trading as low as $3.84 and ending near $3.82, down about 8.2% for the day.
• Despite the stock weakness, Wall Street analysts are still split but generally cautious-to-bullish, with three Buy ratings, one Hold, and one Sell; the consensus price target is $10.58 versus the current price well below that level.
• The company reported a smaller-than-expected quarterly loss of $0.05 per share versus estimates for a $0.06 loss, while insider selling and limited institutional ownership highlight ongoing investor caution.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $3.84 and last traded at $3.8150, with a volume of 1356112 shares trading hands. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

TMC has been the subject of several recent analyst reports. Wedbush upped their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a report on Monday, April 20th. HC Wainwright reissued a "buy" rating and set a $11.75 target price on shares of TMC the metals in a research report on Tuesday, June 2nd. Wall Street Zen upgraded shares of TMC the metals from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Maxim Group began coverage on TMC the metals in a research report on Thursday, June 4th. They issued a "buy" rating and a $10.00 price target on the stock. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.58.

TMC the metals Stock Down 8.2%

The firm has a 50-day moving average price of $5.07 and a two-hundred day moving average price of $5.72. The company has a market capitalization of $1.64 billion, a P/E ratio of -4.78 and a beta of 2.03.

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

Insider Activity

In other news, Director Brendan May sold 20,768 shares of the company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the transaction, the director owned 193,346 shares of the company's stock, valued at approximately $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new stake in shares of TMC the metals in the 2nd quarter worth approximately $28,000. Osterweis Capital Management Inc. bought a new stake in shares of TMC the metals during the fourth quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of TMC the metals during the fourth quarter valued at approximately $29,000. Sunbelt Securities Inc. bought a new stake in shares of TMC the metals during the third quarter valued at approximately $34,000. Finally, Farther Finance Advisors LLC raised its stake in shares of TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company's stock valued at $35,000 after purchasing an additional 4,681 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors.

TMC the metals Company Profile

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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