TMC the metals (NASDAQ:TMC) Trading Down 5.7% - Here's What Happened

Key Points

• TMC the metals fell 5.7% to about $3.78 in mid-day trading, with volume down 69% from its average session level.
• Analyst sentiment is mixed: the stock has a consensus rating of Hold and an average price target of $10.58, while several firms maintain Buy or Outperform ratings.
• The company reported a quarterly loss of $0.14 per share, missing the $0.06 consensus estimate; analysts expect a full-year loss of approximately $0.31 per share.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded down 5.7% during mid-day trading on Monday . The stock traded as low as $3.78 and last traded at $3.7810. Approximately 1,967,426 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 6,333,504 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TMC shares. 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. 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. Weiss Ratings restated a "sell (d-)" rating on shares of TMC the metals in a research note on Friday, July 17th. Wedbush upped their price target on TMC the metals from $8.00 to $10.00 and gave the company an "outperform" rating in a report on Monday, May 4th. 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 objective for the company. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $10.58.

TMC the metals Stock Performance

The business's 50 day moving average price is $4.31 and its 200-day moving average price is $5.20. The company has a market cap of $1.65 billion, a price-to-earnings ratio of -5.21 and a beta of 2.06.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). On average, equities research analysts expect that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brendan May sold 20,768 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the sale, the director directly owned 193,346 shares in the company, valued at approximately $1,241,281.32. This represents a 9.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC acquired a new stake in shares of TMC the metals during the 4th quarter worth about $18,510,000. BlackRock Inc. bought a new position in TMC the metals during the 2nd quarter valued at about $6,556,000. Old West Investment Management LLC acquired a new position in TMC the metals in the second quarter valued at about $5,334,000. Renaissance Technologies LLC acquired a new position in TMC the metals in the first quarter valued at about $3,409,000. Finally, UBS Group AG grew its stake in TMC the metals by 869.6% during the third quarter. UBS Group AG now owns 630,757 shares of the company's stock worth $4,018,000 after buying an additional 712,717 shares during the last quarter. Institutional investors own 4.39% of the company's stock.

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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