TMC the metals (NASDAQ:TMC) Hits New 12-Month Low – Time to Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $2.47 and last traded at $2.4850, with a volume of 1,605,206 shares traded. The stock had previously closed at $2.65.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Zacks Research lowered shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Stifel Nicolaus assumed coverage on shares of TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.44.

TMC the metals Trading Down 6.8%

The business’s fifty day simple moving average is $3.89 and its 200 day simple moving average is $4.49. The stock has a market cap of $1.09 billion, a P/E ratio of -3.38 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last announced its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). On average, analysts predict that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently made changes to their positions in TMC. BlackRock Inc. bought a new stake in shares of TMC the metals during the second quarter worth $6,556,000. Old West Investment Management LLC acquired a new position in shares of TMC the metals during the second quarter valued at $5,334,000. State Street Corp boosted its holdings in TMC the metals by 15.9% in the second quarter. State Street Corp now owns 1,143,002 shares of the company’s stock valued at $5,063,000 after acquiring an additional 156,852 shares during the last quarter. Renaissance Technologies LLC bought a new position in TMC the metals in the first quarter valued at about $3,409,000. Finally, Mirador Capital Partners LP increased its position in TMC the metals by 8.3% in the second quarter. Mirador Capital Partners LP now owns 613,528 shares of the company’s stock worth $2,718,000 after purchasing an additional 47,199 shares during the period. 4.39% of the stock is owned by institutional investors and hedge funds.

TMC the metals Company Profile

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.