Perpetua Resources (NASDAQ:PPTA) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Perpetua Resources from “hold” to “strong sell,” while analyst sentiment remains mixed overall, with five Buy ratings and two Sell ratings producing an average “Hold” rating and a $37.38 price target.
• Shares traded at $19.21, well below their 50-day and 200-day moving averages of $23.22 and $24.23, respectively, and near the lower end of their 52-week range of $16.43 to $37.37.
• Perpetua reported quarterly EPS of negative $0.78, missing the consensus estimate of negative $0.19; analysts expect a full-year loss of approximately $2.16 per share.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Thursday, Zacks reports.

PPTA has been the subject of a number of other research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Perpetua Resources in a report on Thursday. Scotiabank initiated coverage on Perpetua Resources in a research report on Tuesday, September 1st. They set a "sector outperform" rating for the company. B. Riley Financial initiated coverage on Perpetua Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $30.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $43.50 price target on shares of Perpetua Resources in a research report on Wednesday, September 30th. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $37.38.

Perpetua Resources Price Performance

Shares of Perpetua Resources stock traded up $0.70 during midday trading on Thursday, hitting $19.21. 1,492,919 shares of the company were exchanged, compared to its average volume of 1,035,332. The firm has a 50 day simple moving average of $23.22 and a 200-day simple moving average of $24.23. The firm has a market cap of $2.40 billion, a P/E ratio of -9.51 and a beta of 0.15. Perpetua Resources has a 52 week low of $16.43 and a 52 week high of $37.37.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.59). During the same quarter last year, the business posted $0.08 EPS. Equities research analysts expect that Perpetua Resources will post -2.16 earnings per share for the current year.

Hedge Funds Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors have recently modified their holdings of PPTA. Paulson & CO. Inc. purchased a new stake in Perpetua Resources during the second quarter valued at $671,530,000. BlackRock Inc. purchased a new stake in shares of Perpetua Resources in the 2nd quarter worth approximately $110,181,000. Amundi boosted its position in Perpetua Resources by 37.3% during the first quarter. Amundi now owns 1,384,758 shares of the company's stock valued at $38,939,000 after purchasing an additional 375,962 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in Perpetua Resources by 363.4% in the second quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company's stock worth $22,824,000 after purchasing an additional 862,143 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Perpetua Resources during the second quarter valued at about $15,128,000. Institutional investors own 70.07% of the company's stock.

Perpetua Resources Company Profile

Perpetua Resources Corp. is a mineral development company focused on advancing the Stibnite Gold Project in central Idaho. The project is designed to produce gold and antimony, a critical mineral used in defense applications, energy technologies, flame retardants and other industrial products. The company is pursuing the project through its U.S. subsidiary, Stibnite Gold Project LLC.

The Stibnite Gold Project is located in the historic Stibnite-Yellow Pine mining district. Perpetua’s activities include permitting, engineering, environmental studies and project development, as well as planning for the restoration of legacy environmental impacts associated with earlier mining in the area.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.