TMC the metals (NASDAQ:TMC) Stock Rating Raised to “Hold” at Zacks Research

TMC the metals (NASDAQ:TMC) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks reports.

TMC has been the subject of a number of other reports. Stifel Nicolaus started coverage on shares of TMC the metals in a research report on Friday, August 28th. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.44.

TMC the metals Stock Performance

Shares of NASDAQ TMC opened at $2.07 on Wednesday. The company has a market cap of $913.15 million, a PE ratio of -2.84 and a beta of 2.22. TMC the metals has a fifty-two week low of $1.91 and a fifty-two week high of $10.05. The business has a 50-day simple moving average of $3.48 and a two-hundred day simple moving average of $4.82.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). On average, sell-side analysts predict that TMC the metals will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in TMC the metals during the second quarter worth approximately $6,556,000. Old West Investment Management LLC purchased a new stake in TMC the metals in the 2nd quarter valued at $5,334,000. State Street Corp grew its holdings 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 buying an additional 156,852 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of TMC the metals in the 1st quarter worth $3,409,000. Finally, Mirador Capital Partners LP acquired a new stake in shares of TMC the metals in the 3rd quarter worth $2,448,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

TMC the metals Company Profile

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.