TMC the metals (NASDAQ:TMC) Hits New 12-Month Low – Here’s Why

Shares of TMC the metals company Inc. (NASDAQ:TMC) hit a new 52-week low on Tuesday . The stock traded as low as $3.55 and last traded at $3.5450, with a volume of 806125 shares. The stock had previously closed at $3.78.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Maxim Group assumed coverage on TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 price target for the company. Wedbush increased their price objective on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, TMC the metals presently has an average rating of “Hold” and an average price target of $10.58.

TMC the metals Price Performance

The company has a fifty day simple moving average of $4.72 and a two-hundred day simple moving average of $5.50. The company has a market capitalization of $1.49 billion, a P/E ratio of -4.37 and a beta of 2.03.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Equities analysts anticipate that TMC the metals company Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other TMC the metals news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the sale, the director owned 193,346 shares of the company’s stock, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 28.50% of the company’s stock.

Institutional Trading of TMC the metals

Large investors have recently modified their holdings of the company. Handelsbanken Fonder AB acquired a new position in TMC the metals in the 2nd quarter valued at $350,000. Mirador Capital Partners LP grew its position in shares of TMC the metals by 8.3% in the second quarter. Mirador Capital Partners LP now owns 613,528 shares of the company’s stock valued at $2,718,000 after purchasing an additional 47,199 shares during the last quarter. Rathbones Group PLC bought a new position in shares of TMC the metals in the first quarter worth about $144,000. Bank of America Corp DE increased its stake in shares of TMC the metals by 83.0% in the first quarter. Bank of America Corp DE now owns 150,600 shares of the company’s stock worth $703,000 after purchasing an additional 68,324 shares during the period. Finally, Arkadios Wealth Advisors acquired a new position in shares of TMC the metals during the 1st quarter worth about $66,000. 4.39% of the stock is owned by 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.