Trilogy Metals (NYSEAMERICAN:TMQ) Shares Gap Up - Should You Buy?

Key Points

• Trilogy Metals Inc. shares gapped up to $7.22 from a previous close of $6.50, with a last traded price of $6.98 on a volume of over 18 million shares.
• Analysts have mixed ratings for the stock, with Cowen and TD Securities maintaining a "hold" rating, while Raymond James and Cantor Fitzgerald upgraded it to "moderate buy" and "buy" respectively, setting a price target of $10.00.
• Insider activity includes Director William L. Iggiagruk Hensley selling 50,000 shares, resulting in a 25.82% decrease in their holdings, and institutional investors owning 16.75% of the company's stock.

Shares of Trilogy Metals Inc. (NYSEAMERICAN:TMQ - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $6.50, but opened at $7.22. Trilogy Metals shares last traded at $6.98, with a volume of 18,359,776 shares.

Analyst Upgrades and Downgrades

TMQ has been the subject of a number of research reports. Cowen reissued a "hold" rating on shares of Trilogy Metals in a report on Tuesday. TD Securities reiterated a "hold" rating on shares of Trilogy Metals in a report on Tuesday. Raymond James Financial upgraded shares of Trilogy Metals from a "hold" rating to a "moderate buy" rating in a report on Tuesday. Finally, Cantor Fitzgerald upgraded shares of Trilogy Metals to a "buy" rating and set a $10.00 price objective for the company in a report on Tuesday. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.00.

Trilogy Metals Trading Up 3.2%

The company has a market cap of $1.10 billion, a price-to-earnings ratio of -135.56 and a beta of 1.18. The firm's 50-day moving average price is $1.92 and its 200 day moving average price is $1.64.

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

Insider Transactions at Trilogy Metals

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

Institutional Trading of Trilogy Metals

Hedge funds have recently bought and sold shares of the business. Birchbrook Inc. grew its position in Trilogy Metals by 25.0% in the 1st 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 period. Virtu Financial LLC acquired a new stake in Trilogy Metals in the 1st quarter valued at $83,000. XTX Topco Ltd acquired a new stake in Trilogy Metals in the 2nd quarter valued at $115,000. Jane Street Group LLC acquired a new stake in Trilogy Metals in the 2nd quarter valued at $154,000. Finally, Bank of America Corp DE grew its position in Trilogy Metals by 16.5% in the 2nd quarter. Bank of America Corp DE now owns 122,095 shares of the mining company's stock valued at $165,000 after purchasing an additional 17,291 shares during the period. Institutional investors and hedge funds own 16.75% of the company's stock.

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.

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