B. Riley Financial Begins Coverage on Perpetua Resources (NASDAQ:PPTA)

Key Points

• B. Riley Financial initiated coverage of Perpetua Resources with a “buy” rating and a $30 price target, implying 64.26% upside from the prior close.
• Analyst sentiment is broadly positive: Perpetua has a consensus “Moderate Buy” rating and an average price target of $35.90, despite one hold and one sell rating.
• Shares recently traded at $18.26, while the company reported a quarterly loss of $0.39 per share, missing estimates; institutional investors own approximately 70.07% of the stock.

Investment analysts at B. Riley Financial started coverage on shares of Perpetua Resources (NASDAQ:PPTA - Get Free Report) in a note issued to investors on Monday, MarketBeat reports. The firm set a "buy" rating and a $30.00 price target on the stock. B. Riley Financial's price objective would indicate a potential upside of 64.26% from the stock's previous close.

A number of other equities analysts have also issued reports on the company. Zacks Research raised Perpetua Resources from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. HC Wainwright lifted their price objective on shares of Perpetua Resources from $41.00 to $43.50 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Perpetua Resources has a consensus rating of "Moderate Buy" and a consensus price target of $35.90.

Perpetua Resources Price Performance

Shares of Perpetua Resources stock traded down $0.15 on Monday, reaching $18.26. 67,473 shares of the company were exchanged, compared to its average volume of 1,668,623. The stock's 50 day moving average price is $21.61 and its 200-day moving average price is $27.09. Perpetua Resources has a 1-year low of $15.48 and a 1-year high of $37.37. The company has a market cap of $2.28 billion, a P/E ratio of -13.90 and a beta of 0.05.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.21). On average, research analysts predict that Perpetua Resources will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Perpetua Resources

Large investors have recently modified their holdings of the business. Handelsbanken Fonder AB raised its position in shares of Perpetua Resources by 30.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 37,700 shares of the company's stock worth $783,000 after purchasing an additional 8,900 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Perpetua Resources in the second quarter valued at $103,000. Harbor Investment Advisory LLC boosted its stake in shares of Perpetua Resources by 87.1% during the second quarter. Harbor Investment Advisory LLC now owns 42,638 shares of the company's stock valued at $885,000 after acquiring an additional 19,844 shares during the last quarter. Janus Henderson Group PLC increased its position in Perpetua Resources by 26.8% during the 1st quarter. Janus Henderson Group PLC now owns 39,250 shares of the company's stock worth $1,104,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Amundi raised its stake in Perpetua Resources by 37.3% in the 1st 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 during the last quarter. 70.07% of the stock is currently owned by institutional investors and hedge funds.

Perpetua Resources Company Profile

Perpetua Resources Inc NASDAQ: PPTA, formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.

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