TMC the metals (NASDAQ:TMC) Hits New 12-Month Low – Should You Sell?

TMC the metals company Inc. (NASDAQ:TMC)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $3.87 and last traded at $3.9640, with a volume of 2959491 shares changing hands. The stock had previously closed at $4.24.

Analysts Set New Price Targets

TMC has been the subject of several research reports. Wedbush lifted their price target 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. Maxim Group began coverage on shares of TMC the metals in a research note on Thursday, June 4th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.58.

TMC the metals Trading Down 0.5%

The firm’s 50 day moving average is $5.19 and its two-hundred day moving average is $5.84. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -5.09 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. As a group, equities analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other TMC the metals news, Director Brendan May sold 20,768 shares of the stock in a transaction 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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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

A number of hedge funds have recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC purchased a new position in shares of TMC the metals during the 4th quarter worth about $18,510,000. State Street Corp raised its stake in TMC the metals by 2.4% during the fourth quarter. State Street Corp now owns 986,160 shares of the company’s stock worth $6,085,000 after purchasing an additional 23,095 shares during the period. Verition Fund Management LLC boosted its holdings in shares of TMC the metals by 120.1% in the 4th quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock valued at $5,043,000 after purchasing an additional 445,985 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of TMC the metals in the 1st quarter valued at $3,409,000. Finally, Tudor Investment Corp ET AL grew its stake in shares of TMC the metals by 57.8% during the 4th quarter. Tudor Investment Corp ET AL now owns 698,185 shares of the company’s stock valued at $4,308,000 after buying an additional 255,766 shares during the period. 4.39% of the stock is owned by institutional investors and hedge funds.

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.