Trilogy Metals (NYSEAMERICAN:TMQ) Shares Gap Up – Time to Buy?

Shares of Trilogy Metals Inc. (NYSEAMERICAN:TMQ) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TMQ. Cormark cut Trilogy Metals from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $5.50 price target on shares of Trilogy Metals in a research note on Friday, October 10th. Cantor Fitzgerald raised Trilogy Metals to a “buy” rating and set a $10.00 price objective for the company in a report on Tuesday, October 7th. TD Securities restated a “hold” rating on shares of Trilogy Metals in a research report on Tuesday, October 7th. Finally, Cowen reiterated a “hold” rating on shares of Trilogy Metals in a research report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.75.

Trilogy Metals Trading Up 15.9%

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -119.80 and a beta of 1.18. The firm’s 50 day moving average is $3.23 and its two-hundred day moving average is $2.10.

Insider Transactions at Trilogy Metals

In other Trilogy Metals news, Director Diana J. Walters sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $7.03, for a total value of $703,000.00. Following the sale, the director directly owned 51,302 shares of the company’s stock, valued at approximately $360,653.06. This trade represents a 66.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Elaine Sanders sold 449,599 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were 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 of the company’s stock, 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. Insiders sold 1,114,506 shares of company stock worth $7,362,194 in the last three months. 15.20% of the stock is currently owned by company insiders.

Institutional Trading of Trilogy Metals

Institutional investors have recently modified their holdings of the company. Goehring & Rozencwajg Associates LLC raised its holdings in Trilogy Metals by 0.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,402,797 shares of the mining company’s stock valued at $2,282,000 after buying an additional 10,600 shares during the period. Envestnet Asset Management Inc. purchased a new stake in Trilogy Metals during the first quarter worth approximately $396,000. Legacy Capital Group California Inc. acquired a new stake in shares of Trilogy Metals in the first quarter worth $232,000. Virtu Financial LLC purchased a new position in shares of Trilogy Metals in the 1st quarter valued at $83,000. Finally, Bornite Capital Management LP lifted its holdings in shares of Trilogy Metals by 42.9% during the 1st quarter. Bornite Capital Management LP now owns 1,000,000 shares of the mining company’s stock valued at $1,550,000 after acquiring an additional 300,000 shares in the last quarter. Hedge funds and other institutional investors 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.