TMC the metals (NASDAQ:TMC) Coverage Initiated by Analysts at Maxim Group

Investment analysts at Maxim Group initiated coverage on shares of TMC the metals (NASDAQ:TMC) in a research note issued to investors on Thursday. The firm set a “buy” rating and a $10.00 price target on the stock. Maxim Group’s price target would suggest a potential upside of 63.40% from the company’s current price.

Several other research analysts have also commented on TMC. Wedbush lifted their price target on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. HC Wainwright reissued a “buy” rating and issued a $11.75 price objective on shares of TMC the metals in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.58.

TMC the metals Stock Performance

Shares of TMC stock opened at $6.12 on Thursday. The stock’s 50-day moving average is $5.21 and its two-hundred day moving average is $6.13. TMC the metals has a 1 year low of $3.93 and a 1 year high of $11.35. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of -7.75 and a beta of 1.99.

TMC the metals (NASDAQ:TMC) last posted its earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, research analysts predict that TMC the metals will post -0.31 EPS for the current year.

Insider Transactions at TMC the metals

In related news, Director Brendan May sold 20,768 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the transaction, the director owned 193,346 shares in the company, valued at $1,241,281.32. The trade was a 9.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by company insiders.

Institutional Trading of TMC the metals

A number of hedge funds have recently added to or reduced their stakes in TMC. Goldman Sachs Group Inc. acquired a new position in shares of TMC the metals in the first quarter valued at approximately $211,000. Geode Capital Management LLC lifted its holdings in shares of TMC the metals by 79.6% during the second quarter. Geode Capital Management LLC now owns 330,823 shares of the company’s stock worth $2,183,000 after purchasing an additional 146,650 shares during the period. Creative Planning acquired a new stake in shares of TMC the metals during the second quarter worth $76,000. Cetera Investment Advisers purchased a new position in TMC the metals in the 2nd quarter valued at $168,000. Finally, Quantbot Technologies LP purchased a new position in TMC the metals in the 2nd quarter valued at $48,000. 4.39% of the stock is owned by institutional investors and hedge funds.

About TMC the metals

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.