TMC the metals (NASDAQ:TMC) Stock Price Down 7% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s share price traded down 7% on Tuesday . The stock traded as low as $4.66 and last traded at $4.7050. 1,407,398 shares were traded during mid-day trading, a decline of 82% from the average session volume of 7,712,320 shares. The stock had previously closed at $5.06.

Analyst Ratings Changes

TMC has been the topic of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of TMC the metals in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Wednesday, January 21st. Finally, HC Wainwright upped their price objective on shares of TMC the metals from $7.50 to $11.75 and gave the stock a “buy” rating in a report on Friday, January 23rd. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, TMC the metals currently has an average rating of “Hold” and a consensus target price of $11.38.

TMC the metals Stock Down 7.4%

The stock has a 50-day moving average price of $6.58 and a 200 day moving average price of $6.71. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -6.08 and a beta of 1.87.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. acquired a new position in shares of TMC the metals during the first quarter worth $211,000. KBC Group NV acquired a new position in TMC the metals during the second quarter worth $37,000. Geode Capital Management LLC boosted its position in 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 in the last quarter. Creative Planning purchased a new position in shares of TMC the metals in the second quarter valued at $76,000. Finally, Cetera Investment Advisers purchased a new position in shares of TMC the metals during the 2nd quarter worth approximately $168,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

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.