TMC the metals (NASDAQ:TMC) Trading Down 7.8% – What’s Next?

by · The Markets Daily

TMC the metals company Inc. (NASDAQ:TMC – Get Free Report)’s share price dropped 7.8% on Monday . The stock traded as low as $6.33 and last traded at $6.42. Approximately 2,847,739 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 8,701,756 shares. The stock had previously closed at $6.96.

Wall Street Analyst Weigh In

TMC has been the subject of a number of research analyst reports. Zacks Research upgraded TMC the metals from a “strong sell” rating to a “hold” rating in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Finally, HC Wainwright increased their price objective on TMC the metals from $7.25 to $7.50 and gave the stock a “buy” rating in a research report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.42.

Read Our Latest Analysis on TMC

TMC the metals Stock Performance

The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -8.53 and a beta of 1.82. The firm has a fifty day moving average price of $6.86 and a 200-day moving average price of $6.07.

TMC the metals (NASDAQ:TMC – Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). On average, sell-side analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Transactions at TMC the metals

In related news, insider Erika Ilves sold 1,591,485 shares of TMC the metals stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the transaction, the insider directly owned 1,145,792 shares of the company’s stock, valued at $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 27.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Institutional investors have recently modified their holdings of the business. Sprott Inc. acquired a new stake in TMC the metals during the first quarter worth approximately $26,000. NewEdge Advisors LLC acquired a new stake in shares of TMC the metals during the 2nd quarter worth approximately $28,000. Wolverine Asset Management LLC increased its stake in shares of 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. Sunbelt Securities Inc. acquired a new position in shares of TMC the metals during the 3rd quarter valued at $34,000. Finally, KBC Group NV acquired a new position in shares of TMC the metals during the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

About TMC the metals

(Get Free Report)

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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