Trilogy Metals (NYSEAMERICAN:TMQ) Shares Gap Down – Here’s What Happened

Shares of Trilogy Metals Inc. (NYSEAMERICAN:TMQ) gapped down before the market opened on Friday . The stock had previously closed at $3.84, but opened at $3.46. Trilogy Metals shares last traded at $3.7050, with a volume of 1,498,806 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on TMQ. Cowen reiterated a “hold” rating on shares of Trilogy Metals in a research report on Tuesday, October 7th. 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. TD Securities reissued a “hold” rating on shares of Trilogy Metals in a research note on Tuesday, October 7th. Cormark downgraded shares of Trilogy Metals from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 8th. Finally, Raymond James Financial raised shares of Trilogy Metals from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Trilogy Metals has a consensus rating of “Hold” and a consensus price target of $7.75.

Trilogy Metals Trading Down 3.0%

The company has a market capitalization of $626.14 million, a price-to-earnings ratio of -74.62 and a beta of 1.18. The company’s 50 day simple moving average is $3.96 and its 200-day simple moving average is $2.37.

Insider Buying and Selling

In other Trilogy Metals news, Director James Gowans sold 100,000 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $7.50, for a total transaction of $750,000.00. Following the transaction, the director owned 234,046 shares of the company’s stock, valued at $1,755,345. This represents a 29.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director William Beckwith Hayden sold 200,000 shares of Trilogy Metals stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $6.61, for a total value of $1,322,000.00. Following the completion of the sale, the director directly owned 382,685 shares of the company’s stock, valued at approximately $2,529,547.85. This represents a 34.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,064,506 shares of company stock worth $7,275,194 in the last three months. 15.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Spire Wealth Management grew 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 purchasing an additional 6,669 shares during the period. Compass Wealth Management LLC acquired a new position in shares of Trilogy Metals in the 3rd quarter valued at $63,000. Birchbrook Inc. grew its stake in shares of Trilogy Metals by 25.0% during the 1st quarter. Birchbrook Inc. now owns 50,000 shares of the mining company’s stock valued at $78,000 after buying an additional 10,000 shares during the period. Virtu Financial LLC acquired a new stake in shares of Trilogy Metals during the 1st quarter worth $83,000. Finally, XTX Topco Ltd purchased a new position in shares of Trilogy Metals in the 2nd quarter worth $115,000. 16.75% of the stock is currently owned by hedge funds and other 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.