Trilogy Metals (NYSEAMERICAN:TMQ) Shares Gap Up - Still a Buy?

Key Points

• Trilogy Metals (NYSEAMERICAN:TMQ) shares opened at $8.88, up from a previous close of $8.46, with last traded shares at $7.98 and a volume of approximately 12 million shares.
• Analysts have mixed ratings for TMQ, with two upgrades to a "buy" rating from Raymond James and Cantor Fitzgerald, setting a target price at $10.00, while BMO Capital Markets maintains a hold with a lower target of $5.50.
• Insider activity includes significant sales, with Director William Beckwith Hayden selling 200,000 shares and CFO Elaine Sanders selling 449,599 shares, indicating a decrease in ownership after these transactions.

Trilogy Metals Inc. (NYSEAMERICAN:TMQ - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $8.46, but opened at $8.88. Trilogy Metals shares last traded at $7.98, with a volume of 11,965,900 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TMQ. Raymond James Financial raised Trilogy Metals from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, October 7th. Cantor Fitzgerald upgraded shares of Trilogy Metals to a "buy" rating and set a $10.00 target price for the company in a research report on Tuesday, October 7th. Cowen reaffirmed a "hold" rating on shares of Trilogy Metals in a report on Tuesday, October 7th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $5.50 target price on shares of Trilogy Metals in a research report on Friday, October 10th. Finally, Cormark downgraded Trilogy Metals from a "moderate buy" rating to a "hold" rating in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Trilogy Metals has an average rating of "Hold" and a consensus price target of $7.75.

Trilogy Metals Price Performance

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -146.56 and a beta of 1.18. The firm has a 50-day moving average price of $2.61 and a 200 day moving average price of $1.87.

Insider Activity

In other news, Director William Beckwith Hayden sold 200,000 shares of the stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $6.61, for a total transaction of $1,322,000.00. Following the transaction, the director owned 382,685 shares of the company's stock, valued at $2,529,547.85. This represents a 34.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Elaine Sanders sold 449,599 shares of Trilogy Metals stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $6.84, for a total transaction of $3,075,257.16. Following the transaction, the chief financial officer directly owned 3,149,561 shares in the company, valued at approximately $21,542,997.24. This represents a 12.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,014,506 shares of company stock worth $6,612,194. 15.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Trilogy Metals

A number of institutional investors have recently bought and sold shares of TMQ. Bank of America Corp DE grew its holdings in shares of Trilogy Metals by 16.5% during 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 last quarter. Jane Street Group LLC purchased a new position in shares of Trilogy Metals in the 2nd quarter worth $154,000. DLD Asset Management LP boosted its stake in shares of Trilogy Metals by 20.0% during the 2nd quarter. DLD Asset Management LP now owns 300,000 shares of the mining company's stock worth $405,000 after purchasing an additional 50,000 shares during the period. XTX Topco Ltd purchased a new stake in Trilogy Metals in the 2nd quarter valued at about $115,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Trilogy Metals by 5,289.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 204,800 shares of the mining company's stock valued at $276,000 after purchasing an additional 201,000 shares in the last quarter. 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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