TMC the metals (NASDAQ:TMC) Stock Price Down 11.1% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s stock price traded down 11.1% during mid-day trading on Friday . The company traded as low as $5.32 and last traded at $5.3250. 2,695,103 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 6,991,343 shares. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wedbush raised their target price on shares of TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. HC Wainwright reiterated a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a research note on Tuesday, June 2nd. Maxim Group started coverage on shares of TMC the metals in a research note on Thursday. They issued a “buy” rating and a $10.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research report on Monday, April 20th. Finally, 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. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, TMC the metals presently has an average rating of “Hold” and a consensus price target of $10.58.

TMC the metals Stock Performance

The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -6.48 and a beta of 1.99. The firm’s 50-day simple moving average is $5.25 and its 200-day simple moving average is $6.13.

TMC the metals (NASDAQ:TMC) last posted 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. Equities research analysts forecast that TMC the metals company Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at TMC the metals

In other TMC the metals news, Director Brendan May sold 20,768 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the sale, the director directly owned 193,346 shares in the company, valued at $1,241,281.32. This trade represents a 9.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently made changes to their positions in TMC. Encompass Capital Advisors LLC bought a new position in shares of TMC the metals during the 4th quarter worth about $18,510,000. Renaissance Technologies LLC bought a new position in shares of TMC the metals during the 1st quarter worth about $3,409,000. UBS Group AG lifted its holdings in shares of TMC the metals by 869.6% during the 3rd quarter. UBS Group AG now owns 630,757 shares of the company’s stock worth $4,018,000 after acquiring an additional 712,717 shares during the period. Old West Investment Management LLC lifted its holdings in shares of TMC the metals by 49.6% during the 3rd quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock worth $12,722,000 after acquiring an additional 662,200 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of TMC the metals by 234.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 678,540 shares of the company’s stock worth $4,187,000 after acquiring an additional 475,464 shares during the period. 4.39% of the stock is owned by institutional investors.

TMC the metals Company Profile

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.