TMC the metals (NASDAQ:TMC) Shares Gap Down on Disappointing Earnings

Key Points

• TMC shares fell 5.3%, opening at $4.22 after the company reported quarterly earnings of a $0.14-per-share loss, missing the consensus estimate of a $0.06 loss.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, one rates it Hold and one rates it Sell, resulting in a consensus Hold rating and an average price target of $10.58.
• Director Brendan May sold 20,768 shares for about $133,331 to cover tax withholding obligations; insiders own 28.5% of TMC, while institutional investors hold 4.39%.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.41, but opened at $4.22. TMC the metals shares last traded at $4.2150, with a volume of 1,239,261 shares.

The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08).

Analyst Upgrades and Downgrades

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

Insider Activity at TMC the metals

In other news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total transaction of $133,330.56. Following the transaction, the director directly owned 193,346 shares of the company's stock, valued at $1,241,281.32. The trade was a 9.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. NewEdge Advisors LLC bought a new position in shares of TMC the metals in the second quarter worth approximately $28,000. Osterweis Capital Management Inc. purchased a new position in shares of TMC the metals during the 4th quarter valued at $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of TMC the metals during the 4th quarter valued at $29,000. Sunbelt Securities Inc. bought a new position in TMC the metals in the 3rd quarter worth $34,000. Finally, Farther Finance Advisors LLC boosted its holdings in TMC the metals by 465.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company's stock worth $35,000 after buying an additional 4,681 shares during the period. Institutional investors own 4.39% of the company's stock.

TMC the metals Trading Down 5.3%

The firm has a market cap of $1.81 billion, a PE ratio of -5.30 and a beta of 2.06. The stock has a 50 day simple moving average of $4.34 and a 200-day simple moving average of $5.23.

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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