TMC the metals (NASDAQ:TMC) Trading Down 11.1% – Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price traded down 11.1% during trading on Friday . The stock traded as low as $5.32 and last traded at $5.3250. 2,695,103 shares were traded during mid-day trading, a decline of 61% from the average session volume of 6,991,343 shares. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wedbush upped their target price on TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. HC Wainwright reiterated a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a research note on Tuesday. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Finally, Maxim Group assumed coverage on TMC the metals in a research note on Thursday. They issued a “buy” rating and a $10.00 target price for the company. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.58.

TMC the metals Stock Down 12.6%

The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -6.62 and a beta of 1.99. The company has a 50 day simple moving average of $5.24 and a 200 day simple moving average of $6.14.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, research analysts forecast that TMC the metals company Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other TMC the metals news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction dated 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 directly owned 193,346 shares in the company, valued at $1,241,281.32. This represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently modified their holdings of TMC. NewEdge Advisors LLC acquired a new stake in shares of TMC the metals in the second quarter valued at about $28,000. Osterweis Capital Management Inc. acquired a new stake in shares of TMC the metals in the fourth quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TMC the metals in the fourth quarter valued at about $29,000. Sunbelt Securities Inc. acquired a new stake in shares of TMC the metals in the third quarter valued at about $34,000. Finally, Farther Finance Advisors LLC grew its stake in shares of TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock valued at $35,000 after buying an additional 4,681 shares in the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

TMC the metals Company Profile

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.