TMC the metals company Inc. (NASDAQ:TMC) Receives $10.58 Average Target Price from Brokerages

Shares of TMC the metals company Inc. (NASDAQ:TMC) have received a consensus recommendation of “Hold” from the five brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $10.5833.

A number of research analysts recently weighed in on TMC shares. HC Wainwright restated a “buy” rating and set a $11.75 target price on shares of TMC the metals in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. 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 on the stock. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Wedbush upped their price objective on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th.

TMC the metals Trading Up 4.9%

TMC the metals stock opened at $3.62 on Friday. TMC the metals has a 12-month low of $3.40 and a 12-month high of $11.35. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -4.58 and a beta of 2.03. The firm has a 50 day moving average of $4.69 and a 200 day moving average of $5.48.

TMC the metals (NASDAQ:TMC) last issued its quarterly 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. On average, analysts predict that TMC the metals will post -0.31 EPS for the current year.

Insider Buying and Selling

In related news, Director Brendan May sold 20,768 shares of the business’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 value of $133,330.56. Following the transaction, the director directly owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

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

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.