TMC the metals (NASDAQ:TMC) Price Target Cut to $5.50 by Analysts at HC Wainwright

TMC the metals (NASDAQ:TMC) had its price objective reduced by HC Wainwright from $11.75 to $5.50 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright‘s price objective indicates a potential upside of 139.13% from the stock’s previous close.

TMC has been the subject of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research note on Thursday, October 15th. Stifel Nicolaus assumed coverage on shares of TMC the metals in a report on Friday, August 28th. They issued a “buy” rating and a $10.00 target price for the company. Finally, Zacks Research upgraded shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.88.

TMC the metals Trading Down 6.1%

NASDAQ TMC opened at $2.30 on Friday. TMC the metals has a 12 month low of $1.91 and a 12 month high of $10.05. The stock’s fifty day moving average price is $3.25 and its 200-day moving average price is $4.67. The stock has a market cap of $1.01 billion, a P/E ratio of -3.15 and a beta of 2.22.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $0.08 million during the quarter. As a group, analysts forecast that TMC the metals will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of TMC the metals during the second quarter valued at $6,556,000. Old West Investment Management LLC bought a new stake in TMC the metals in the 2nd quarter worth about $5,334,000. State Street Corp increased its holdings in TMC the metals by 5.0% in the 3rd quarter. State Street Corp now owns 1,199,713 shares of the company’s stock worth $4,607,000 after buying an additional 56,711 shares in the last quarter. Renaissance Technologies LLC bought a new stake in TMC the metals in the 1st quarter worth about $3,409,000. Finally, Mirador Capital Partners LP purchased a new position in TMC the metals in the 3rd quarter worth about $2,448,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Company Profile

TMC the metals company Inc. is a deep-sea minerals exploration and development company focused on polymetallic nodules found on the ocean floor. The nodules contain metals including nickel, copper, cobalt and manganese, which are used in batteries, stainless steel and other industrial applications. The company’s exploration activities are centered in the Clarion-Clipperton Zone of the Pacific Ocean. Through subsidiaries sponsored by Pacific island nations, TMC holds exploration contracts with the International Seabed Authority.