Trilogy Metals (NYSEAMERICAN:TMQ) Shares Gap Up - What's Next?

Key Points

• Trilogy Metals' stock price increased by 15.5%, opening at $5.49 after a previous close of $5.17, with a last trading price of $5.91 and a trading volume of over 3.4 million shares.
• Analyst ratings saw mixed changes, with Raymond James upgrading the stock to a "moderate buy" and Cantor Fitzgerald issuing a $10.00 target price, while Cormark downgraded it to a "hold." The consensus rating remains "Hold" with a target of $7.75.
• Insider trading included significant sales, with directors selling a total of over $1.4 million worth of shares recently, indicating a decrease in their ownership stakes in the company.

Shares of Trilogy Metals Inc. (NYSEAMERICAN:TMQ - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $5.17, but opened at $5.49. Trilogy Metals shares last traded at $5.91, with a volume of 3,423,272 shares traded.

Analyst Ratings Changes

TMQ has been the subject of a number of research analyst reports. Raymond James Financial raised shares of Trilogy Metals from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, October 7th. Cantor Fitzgerald raised Trilogy Metals to a "buy" rating and set a $10.00 target price for the company in a report on Tuesday, October 7th. Cowen reissued a "hold" rating on shares of Trilogy Metals in a report on Tuesday, October 7th. TD Securities reissued a "hold" rating on shares of Trilogy Metals in a report on Tuesday, October 7th. Finally, Cormark downgraded Trilogy Metals from a "moderate buy" rating to a "hold" rating in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $7.75.

Trilogy Metals Stock Up 15.5%

The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -118.40 and a beta of 1.18. The stock has a 50 day moving average of $3.14 and a 200 day moving average of $2.06.

Insiders Place Their Bets

In other news, Director Diana J. Walters sold 100,000 shares of the business's stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $7.03, for a total transaction of $703,000.00. Following the sale, the director directly owned 51,302 shares in the company, valued at approximately $360,653.06. The trade was a 66.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Gowans sold 100,000 shares of the business's stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $7.50, for a total value of $750,000.00. Following the sale, the director owned 234,046 shares in the company, valued at approximately $1,755,345. This trade represents a 29.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,114,506 shares of company stock valued at $7,362,194 over the last 90 days. 15.20% of the stock is owned by company insiders.

Institutional Trading of Trilogy Metals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Spire Wealth Management boosted its holdings in Trilogy Metals by 55.1% in the third quarter. Spire Wealth Management now owns 18,774 shares of the mining company's stock valued at $39,000 after acquiring an additional 6,669 shares during the last quarter. TSP Capital Management Group LLC boosted its holdings in Trilogy Metals by 9.1% in the third quarter. TSP Capital Management Group LLC now owns 6,715,000 shares of the mining company's stock valued at $14,102,000 after acquiring an additional 562,500 shares during the last quarter. GAM Holding AG bought a new stake in Trilogy Metals in the third quarter valued at approximately $420,000. Bank of America Corp DE boosted 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 acquiring an additional 17,291 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in Trilogy Metals in the second quarter valued at approximately $154,000. 16.75% of the stock is currently owned by 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.