Trilogy Metals (NYSEAMERICAN:TMQ) Trading Up 8.5% – Here’s What Happened

Shares of Trilogy Metals Inc. (NYSEAMERICAN:TMQ) shot up 8.5% during trading on Friday . The company traded as high as $3.95 and last traded at $3.94. Approximately 1,106,964 shares traded hands during trading, a decline of 65% from the average session volume of 3,143,063 shares. The stock had previously closed at $3.63.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TMQ shares. UBS Group downgraded shares of Trilogy Metals to a “hold” rating in a research note on Wednesday, August 5th. Freedom Capital downgraded shares of Trilogy Metals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Trilogy Metals from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.75.

Trilogy Metals Stock Performance

The company has a market cap of $683.50 million, a P/E ratio of -13.20 and a beta of 1.46. The stock has a 50-day simple moving average of $3.43 and a 200 day simple moving average of $3.89.

Trilogy Metals (NYSEAMERICAN:TMQ) last issued its earnings results on Wednesday, July 8th. The mining company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). During the same quarter last year, the business posted ($0.01) earnings per share. Sell-side analysts anticipate that Trilogy Metals Inc. will post -0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Trilogy Metals

A number of hedge funds and other institutional investors have recently made changes to their positions in TMQ. Electrum Group LLC bought a new stake in Trilogy Metals in the fourth quarter valued at about $136,216,000. TSP Capital Management Group LLC lifted its stake in Trilogy Metals by 0.3% during the first quarter. TSP Capital Management Group LLC now owns 6,754,500 shares of the mining company’s stock worth $24,249,000 after purchasing an additional 23,500 shares during the period. Old West Investment Management LLC acquired a new stake in Trilogy Metals during the second quarter valued at approximately $21,385,000. Tidal Investments LLC grew its stake in shares of Trilogy Metals by 33.0% in the 3rd quarter. Tidal Investments LLC now owns 3,625,129 shares of the mining company’s stock valued at $7,613,000 after purchasing an additional 899,656 shares during the period. Finally, Goehring & Rozencwajg Associates LLC grew its stake in shares of Trilogy Metals by 22.7% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,728,153 shares of the mining company’s stock valued at $6,221,000 after purchasing an additional 319,949 shares during the period. 16.75% of the stock is owned by institutional investors.

About Trilogy Metals

Trilogy Metals Inc is a mineral exploration and development company focused on advancing high‐value copper, zinc, lead, gold and silver projects in northwestern Alaska. The company’s flagship asset lies within the Ambler mining district, where it has assembled over 100,000 acres of mineral rights. Through systematic exploration programs, Trilogy Metals seeks to delineate and expand polymetallic deposits in one of the world’s richest base and precious metal regions.

The centerpiece of Trilogy’s portfolio is the Upper Kobuk Mineral Projects (UKMP), which includes the Arctic copper‐zinc‐lead‐gold‐silver deposit and the Bornite copper deposit.