TMC the metals (NASDAQ:TMC) Sets New 12-Month Low – Time to Sell?

Shares of TMC the metals company Inc. (NASDAQ:TMC) reached a new 52-week low on Tuesday . The stock traded as low as $3.87 and last traded at $3.9640, with a volume of 2959491 shares. The stock had previously closed at $4.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Maxim Group initiated coverage on TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 target price for the company. Wall Street Zen raised TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Wedbush upped their price target on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report 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 report on Tuesday, June 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research report on Monday, April 20th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.58.

TMC the metals Trading Down 4.1%

The company’s fifty day moving average is $5.24 and its 200 day moving average is $5.88. The company has a market cap of $1.76 billion, a P/E ratio of -5.16 and a beta of 2.03.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Analysts anticipate that TMC the metals company Inc. will post -0.31 EPS for the current year.

Insider Activity at TMC the metals

In other news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the sale, the director owned 193,346 shares of the company’s stock, valued at $1,241,281.32. This represents a 9.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of TMC the metals during the 4th quarter worth about $1,460,000. GSA Capital Partners LLP raised its holdings in TMC the metals by 123.8% in the fourth quarter. GSA Capital Partners LLP now owns 220,510 shares of the company’s stock worth $1,361,000 after purchasing an additional 121,961 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of TMC the metals during the 4th quarter valued at $18,510,000. SLT Holdings LLC acquired a new position in TMC the metals during the 4th quarter valued at approximately $1,223,000. Finally, WINTON GROUP Ltd acquired a new position in shares of TMC the metals in the fourth quarter valued at about $947,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

About TMC the metals

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.