TMC the metals (NASDAQ:TMC) Shares Down 7% – Should You Sell?

Shares of TMC the metals company Inc. (NASDAQ:TMC) were down 7% during mid-day trading on Monday. The company traded as low as $3.14 and last traded at $3.1250. Approximately 2,236,418 shares were traded during trading, a decline of 64% from the average daily volume of 6,225,328 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

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

TMC the metals Trading Down 2.1%

The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -3.86 and a beta of 1.91. The firm has a 50-day simple moving average of $4.10 and a two-hundred day simple moving average of $4.57.

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

Institutional Investors Weigh In On TMC the metals

Institutional investors and hedge funds have recently made changes to their positions in the company. GK Wealth Management LLC bought a new stake in TMC the metals during the 3rd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new position in TMC the metals during the fourth quarter valued at approximately $33,000. Consolidated Capital Management LLC acquired a new position in TMC the metals during the third quarter worth $38,000. Northwestern Mutual Wealth Management Co. bought a new stake in TMC the metals during the second quarter worth $44,000. Finally, Coastal Bridge Advisors LLC acquired a new stake in TMC the metals in the second quarter valued at $44,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

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.