Analysts Set TMC the metals company Inc. (NASDAQ:TMC) Price Target at $10.58

Shares of TMC the metals company Inc. (NASDAQ:TMC) have been given a consensus recommendation of “Hold” by the five brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $10.5833.

A number of equities analysts recently commented on TMC shares. Maxim Group started coverage on shares of TMC the metals in a research note on Thursday, June 4th. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Wedbush increased their target price on TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a research report on Tuesday, June 2nd.

Insiders Place Their Bets

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

Hedge Funds Weigh In On TMC the metals

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of TMC the metals by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 371,142 shares of the company’s stock worth $2,288,000 after purchasing an additional 1,566 shares in the last quarter. NewEdge Advisors LLC purchased a new position in TMC the metals during the second quarter valued at approximately $28,000. Osterweis Capital Management Inc. acquired a new position in TMC the metals in the 4th quarter valued at approximately $29,000. Farther Finance Advisors LLC increased its stake in TMC the metals by 465.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock valued at $35,000 after buying an additional 4,681 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in TMC the metals in the 4th quarter valued at approximately $29,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

TMC the metals Stock Performance

TMC stock opened at $3.67 on Friday. TMC the metals has a one year low of $3.57 and a one year high of $11.35. The firm has a 50-day moving average of $4.81 and a two-hundred day moving average of $5.58. The firm has a market capitalization of $1.59 billion, a PE ratio of -4.65 and a beta of 2.03.

TMC the metals (NASDAQ:TMC) last released its earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, equities research analysts anticipate that TMC the metals will post -0.31 earnings per share for the current year.

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.