Trilogy Metals (NYSEAMERICAN:TMQ) Sees Strong Trading Volume - Here's What Happened

Key Points

• Trilogy Metals (TMQ) experienced a significant spike in trading volume on Thursday, with 5,641,523 shares traded, marking a 164% increase from the previous session.
• Analysts have mixed opinions on the stock, with two rating it a "Buy" and three a "Hold," while Cantor Fitzgerald set a price target of $10.00.
• The company recently reported earnings of ($0.01) per share, matching analyst expectations, and has an average consensus target price of $10.00.

Trilogy Metals Inc. (NYSEAMERICAN:TMQ - Get Free Report) shares saw strong trading volume on Thursday . 5,641,523 shares were traded during trading, an increase of 164% from the previous session's volume of 2,139,337 shares.The stock last traded at $6.68 and had previously closed at $6.31.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Cantor Fitzgerald raised shares of Trilogy Metals to a "buy" rating and set a $10.00 price objective for the company in a research report on Tuesday. Cowen reissued a "hold" rating on shares of Trilogy Metals in a research note on Tuesday. TD Securities reissued a "hold" rating on shares of Trilogy Metals in a research note on Tuesday. Raymond James Financial raised shares of Trilogy Metals from a "hold" rating to a "moderate buy" rating in a research note on Tuesday. Finally, Cormark cut shares of Trilogy Metals from a "moderate buy" rating to a "hold" rating in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Trilogy Metals currently has an average rating of "Hold" and a consensus target price of $10.00.

Trilogy Metals Price Performance

The stock has a market capitalization of $1.08 billion, a P/E ratio of -131.00 and a beta of 1.18. The company's 50 day simple moving average is $2.01 and its two-hundred day simple moving average is $1.67.

Trilogy Metals (NYSEAMERICAN:TMQ - Get Free Report) last issued its quarterly earnings data on Thursday, July 10th. The mining company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). On average, research analysts anticipate that Trilogy Metals Inc. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Trilogy Metals news, Director William L. Iggiagruk Hensley sold 50,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $1.74, for a total transaction of $87,000.00. Following the sale, the director directly owned 143,638 shares of the company's stock, valued at approximately $249,930.12. This represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 15.20% of the company's stock.

Institutional Trading of Trilogy Metals

Several hedge funds have recently modified their holdings of TMQ. Birchbrook Inc. grew its stake in shares of Trilogy Metals by 25.0% during the first quarter. Birchbrook Inc. now owns 50,000 shares of the mining company's stock valued at $78,000 after purchasing an additional 10,000 shares during the last quarter. Virtu Financial LLC acquired a new position in Trilogy Metals in the first quarter valued at approximately $83,000. XTX Topco Ltd acquired a new position in Trilogy Metals in the second quarter valued at approximately $115,000. Jane Street Group LLC acquired a new position in Trilogy Metals in the second quarter valued at approximately $154,000. Finally, Bank of America Corp DE lifted its holdings in Trilogy Metals by 16.5% in the second quarter. Bank of America Corp DE now owns 122,095 shares of the mining company's stock valued at $165,000 after buying an additional 17,291 shares during the period. 16.75% of the stock is owned by institutional investors.

Trilogy Metals Company Profile

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.

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