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

TMC the metals company Inc. (NASDAQ:TMC) reached a new 52-week low during trading on Wednesday. The stock traded as low as $2.72 and last traded at $2.82, with a volume of 7,659,352 shares trading hands. The stock had previously closed at $2.88.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TMC shares. Stifel Nicolaus started coverage on shares of TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Zacks Research lowered shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Stock Down 2.1%

The company has a fifty day simple moving average of $4.10 and a 200-day simple moving average of $4.57. The firm has a market cap of $1.24 billion, a P/E ratio of -3.86 and a beta of 1.91.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). As a group, research analysts forecast that TMC the metals company Inc. will post -0.38 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Encompass Capital Advisors LLC bought a new stake in TMC the metals during the 4th quarter worth approximately $18,510,000. BlackRock Inc. purchased a new position in TMC the metals during the second quarter valued at approximately $6,556,000. Old West Investment Management LLC purchased a new position in TMC the metals during the second quarter valued at approximately $5,334,000. State Street Corp lifted its holdings in TMC the metals by 15.9% during the second 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 bought a new position in shares of TMC the metals in the first quarter worth approximately $3,409,000. 4.39% of the stock is currently owned by institutional investors.

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.