Trilogy Metals Inc. (NYSEAMERICAN:TMQ) Sees Significant Drop in Short Interest

Key Points

• Trilogy Metals Inc. experienced a notable 34.4% decrease in short interest, dropping from 382,100 shares at the end of August to 250,700 shares by mid-September.
• The company reported its earnings per share at ($0.01), matching the consensus estimate, with expectations of posting -0.03 EPS for the current fiscal year.
• Insider trading activity included the sale of 50,000 shares by Director William L. Iggiagruk Hensley, which reduced his ownership by 25.82%.

Trilogy Metals Inc. (NYSEAMERICAN:TMQ - Get Free Report) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 250,700 shares, a drop of 34.4% from the August 31st total of 382,100 shares. Based on an average trading volume of 527,900 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.3% of the company's stock are sold short. Currently, 0.3% of the company's stock are sold short. Based on an average trading volume of 527,900 shares, the days-to-cover ratio is presently 0.5 days.

Trilogy Metals Stock Performance

Shares of NYSEAMERICAN:TMQ traded up $0.01 during midday trading on Monday, reaching $2.09. 22,663,070 shares of the company's stock traded hands, compared to its average volume of 597,517. The company has a market cap of $343.41 million, a P/E ratio of -41.80 and a beta of 1.18. The company has a fifty day simple moving average of $1.82 and a two-hundred day simple moving average of $1.60. Trilogy Metals has a 1 year low of $0.47 and a 1 year high of $2.48.

Trilogy Metals (NYSEAMERICAN:TMQ - Get Free Report) last issued its earnings results on Thursday, July 10th. The mining company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). As a group, research analysts forecast that Trilogy Metals will post -0.03 EPS for the current fiscal year.

Insider Activity at Trilogy Metals

In related news, Director William L. Iggiagruk Hensley sold 50,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1.74, for a total transaction of $87,000.00. Following the completion of the sale, the director directly owned 143,638 shares in the company, valued at $249,930.12. This represents a 25.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 15.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TMQ. Two Sigma Investments LP purchased a new position in Trilogy Metals during the 4th quarter worth $416,000. Goehring & Rozencwajg Associates LLC grew its stake in shares of Trilogy Metals by 0.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,402,797 shares of the mining company's stock valued at $2,282,000 after purchasing an additional 10,600 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Trilogy Metals in the first quarter valued at approximately $396,000. Legacy Capital Group California Inc. acquired a new stake in shares of Trilogy Metals during the first quarter worth $232,000. Finally, Virtu Financial LLC purchased a new position in Trilogy Metals in the 1st quarter valued at $83,000. 16.75% of the stock is owned by hedge funds and other institutional investors.

About Trilogy Metals

Trilogy Metals Inc, a base metals exploration company, engages in the exploration and development of mineral properties in the United States. The company explores for copper, cobalt, lead, zinc, gold, and silver properties. It principally holds interests in the Upper Kobuk mineral projects that include the Arctic, which contains polymetallic volcanogenic massive sulfide deposits; and Bornite that contains carbonate-hosted copper - cobalt deposits covering an area of approximately 448,217 acres located in the Ambler mining district in Northwest Alaska.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.