TMC the metals (NASDAQ:TMC) Stock Rating Lowered by Zacks Research

Key Points

• The stock rating for TMC the metals was downgraded from "hold" to "strong sell" by Zacks Research, reflecting negative sentiment among analysts.
• TMC has a current market capitalization of $3.53 billion and its shares have decreased by 9.6% on the trading day following the downgrade.
• Insider activity shows significant selling, with one insider selling 1.59 million shares valued at over $9.1 million, indicating potential lack of confidence in the stock's future performance.

TMC the metals (NASDAQ:TMC - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday,Zacks.com reports.

TMC has been the subject of several other reports. HC Wainwright reiterated a "buy" rating and set a $7.25 target price on shares of TMC the metals in a research note on Monday, August 18th. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $7.33.

TMC the metals Trading Down 9.6%

Shares of NASDAQ TMC opened at $8.69 on Wednesday. TMC the metals has a 12 month low of $0.72 and a 12 month high of $11.35. The stock has a 50 day moving average of $6.26 and a 200-day moving average of $5.22. The company has a market capitalization of $3.53 billion, a P/E ratio of -23.49 and a beta of 1.70.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Analysts predict that TMC the metals will post -0.22 EPS for the current fiscal year.

Insider Activity at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of TMC the metals stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total value of $9,182,868.45. Following the completion of the transaction, the insider directly owned 1,145,792 shares of the company's stock, valued at $6,611,219.84. The trade was a 58.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony O'sullivan sold 250,000 shares of TMC the metals stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total value of $1,312,500.00. Following the completion of the transaction, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,909,751.75. This represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.60% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in TMC the metals by 48.0% in the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after acquiring an additional 4,796 shares in the last quarter. Sprott Inc. acquired a new position in TMC the metals in the 1st quarter valued at $26,000. NewEdge Advisors LLC acquired a new position in TMC the metals in the 2nd quarter valued at $28,000. Wolverine Asset Management LLC raised its holdings in TMC the metals by 752.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock valued at $33,000 after acquiring an additional 4,365 shares in the last quarter. Finally, KBC Group NV acquired a new position in TMC the metals in the 2nd quarter valued at $37,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.

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