TMC the metals (NASDAQ:TMC) Sets New 1-Year Low – Here’s What Happened

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

Analyst Ratings Changes

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

TMC the metals Stock Performance

The stock’s 50 day simple moving average is $3.82 and its two-hundred day simple moving average is $4.46. The firm has a market capitalization of $1.07 billion, a PE ratio of -3.33 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last issued its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Equities research analysts expect that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. Wedbush Securities Inc. raised its stake in TMC the metals by 37.3% during the third quarter. Wedbush Securities Inc. now owns 31,450 shares of the company’s stock worth $121,000 after purchasing an additional 8,550 shares during the period. Brookstone Capital Management acquired a new position in TMC the metals in the 3rd quarter valued at about $39,000. Isthmus Partners LLC acquired a new position in TMC the metals in the 3rd quarter valued at about $87,000. SBI Securities Co. Ltd. grew its stake in shares of TMC the metals by 52.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 14,519 shares of the company’s stock valued at $56,000 after buying an additional 4,980 shares during the period. Finally, Sowell Financial Services LLC purchased a new stake in shares of TMC the metals in the 3rd quarter valued at approximately $47,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

About TMC the metals

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.