TMC the metals (NASDAQ:TMC) Stock Price Down 7.5% – Time to Sell?

TMC the metals company Inc. (NASDAQ:TMC) fell 7.5% during trading on Tuesday. The company traded as low as $2.44 and last traded at $2.4230. Approximately 806,614 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 6,138,143 shares. The stock had previously closed at $2.62.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of TMC the metals in a research report on Friday, August 28th. They issued a “buy” rating and a $10.00 price target for the company. Zacks Research raised TMC the metals from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, TMC the metals has an average rating of “Moderate Buy” and an average target price of $10.44.

TMC the metals Stock Performance

The firm’s 50-day moving average is $3.38 and its 200 day moving average is $4.76. The stock has a market cap of $1.06 billion, a PE ratio of -3.29 and a beta of 2.22.

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

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ground Swell Capital LLC acquired a new stake in TMC the metals during the 3rd quarter worth approximately $43,000. Money Concepts Capital Corp acquired a new position in shares of TMC the metals in the third quarter valued at approximately $61,000. Allworth Financial LP increased its holdings in shares of TMC the metals by 90.4% in the third quarter. Allworth Financial LP now owns 21,063 shares of the company’s stock valued at $81,000 after purchasing an additional 10,000 shares during the period. Moneco Advisors LLC purchased a new stake in shares of TMC the metals during the third quarter worth approximately $42,000. Finally, Searle & CO. purchased a new stake in shares of TMC the metals during the third quarter worth approximately $38,000. 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.