TMC the metals (NASDAQ:TMC) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of TMC the metals (NASDAQ:TMC) from a hold rating to a strong sell rating in a report published on Wednesday morning,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the stock. Wedbush raised shares of TMC the metals from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.25 target price on shares of TMC the metals in a research note on Monday, August 18th. Three investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.33.

TMC the metals Trading Down 5.8%

Shares of TMC the metals stock opened at $8.19 on Wednesday. TMC the metals has a 12-month low of $0.72 and a 12-month high of $11.35. The company has a market cap of $3.33 billion, a price-to-earnings ratio of -22.13 and a beta of 1.70. The company’s 50-day moving average price is $6.31 and its 200-day moving average price is $5.27.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). On average, sell-side analysts predict that TMC the metals will post -0.22 earnings per share for the current year.

Insider Activity at TMC the metals

In other news, insider Anthony O’sullivan sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total value of $1,312,500.00. Following the transaction, the insider owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erika Ilves sold 1,591,485 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the completion of the transaction, the insider owned 1,145,792 shares in the company, valued at $6,611,219.84. This represents a 58.14% decrease in their position. The disclosure for this sale can be found here. 27.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Several large investors have recently modified their holdings of the stock. Old West Investment Management LLC raised its position in shares of TMC the metals by 100.0% in the 1st quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock worth $7,345,000 after purchasing an additional 2,135,038 shares during the last quarter. Baird Financial Group Inc. raised its position in TMC the metals by 35.1% in the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock worth $5,067,000 after buying an additional 766,167 shares during the last quarter. Jump Financial LLC purchased a new position in TMC the metals in the 2nd quarter worth about $6,216,000. BNP Paribas Financial Markets purchased a new position in TMC the metals in the 2nd quarter worth about $3,133,000. Finally, Mirador Capital Partners LP raised its position in TMC the metals by 306.1% in the 3rd quarter. Mirador Capital Partners LP now owns 449,990 shares of the company’s stock worth $2,866,000 after buying an additional 339,174 shares during the last quarter. 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.