TMC the metals (NASDAQ:TMC) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of TMC the metals (NASDAQ:TMC) from a hold rating to a strong sell rating in a research note released on Tuesday,Zacks reports.

A number of other analysts also recently weighed in on the company. Stifel Nicolaus began coverage on TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, TMC the metals has a consensus rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Stock Down 2.6%

Shares of NASDAQ:TMC opened at $3.43 on Tuesday. TMC the metals has a 52 week low of $3.31 and a 52 week high of $11.35. The company has a 50-day moving average price of $4.14 and a 200 day moving average price of $4.60. The company has a market cap of $1.51 billion, a P/E ratio of -4.70 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last released its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Analysts expect that TMC the metals will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC acquired a new stake in shares of TMC the metals during the 4th quarter valued at approximately $18,510,000. BlackRock Inc. acquired a new stake in shares of TMC the metals in the 2nd quarter worth approximately $6,556,000. Old West Investment Management LLC acquired a new stake in shares of TMC the metals in the 2nd quarter worth approximately $5,334,000. State Street Corp increased its stake in TMC the metals by 15.9% in the 2nd quarter. State Street Corp now owns 1,143,002 shares of the company’s stock valued at $5,063,000 after purchasing an additional 156,852 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in TMC the metals in the 1st quarter valued at approximately $3,409,000. 4.39% of the stock is currently owned by institutional investors and hedge funds.

About TMC the metals

TMC the metals company is a mineral exploration and development company focused on collecting polymetallic nodules from the seafloor. These potato-sized rocks contain nickel, copper, cobalt and manganese, metals used in rechargeable batteries, electric vehicles and other energy-transition technologies.

The company’s activities center on nodule resources in the Clarion-Clipperton Zone of the Pacific Ocean, an area between Mexico and Hawaii. TMC is developing technologies and operating plans for seafloor nodule collection, transport and processing, with the goal of producing battery metals while limiting some of the land disturbance associated with conventional mining.