Perpetua Resources Corp. (NASDAQ:PPTA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts assign Perpetua Resources a “Moderate Buy” consensus: five of seven covering firms recommend buying, while one rates it a hold and one a sell. The average 12-month price target is $35.90.
• Shares opened at $22.69, within a 52-week range of $16.43 to $37.37. The company reported a quarterly loss of $0.78 per share, missing the $0.19-per-share consensus estimate.
• Institutional ownership stands at 70.07%, with major new positions from Paulson & Co. and BlackRock. Perpetua is developing Idaho’s Stibnite Gold Project to produce gold and antimony, a mineral used in defense and energy applications.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $35.90.

PPTA has been the subject of a number of analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a research report on Friday, July 17th. Zacks Research raised shares of Perpetua Resources from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Scotiabank started coverage on shares of Perpetua Resources in a research note on Tuesday, September 1st. They issued a "sector outperform" rating for the company. HC Wainwright reiterated a "buy" rating and set a $43.50 price target on shares of Perpetua Resources in a report on Tuesday, August 18th. Finally, B. Riley Financial initiated coverage on Perpetua Resources in a research report on Monday, August 3rd. They set a "buy" rating and a $30.00 price target on the stock.

Perpetua Resources Stock Performance

PPTA opened at $22.69 on Wednesday. The business's 50-day simple moving average is $22.19 and its 200 day simple moving average is $25.68. Perpetua Resources has a 52-week low of $16.43 and a 52-week high of $37.37. The firm has a market capitalization of $2.84 billion, a PE ratio of -11.23 and a beta of 0.15.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted 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 in the previous year, the company posted $0.08 earnings per share. On average, research analysts forecast that Perpetua Resources will post -2.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Paulson & CO. Inc. acquired a new stake in Perpetua Resources during the 2nd quarter valued at $671,530,000. BlackRock Inc. bought a new position in shares of Perpetua Resources in the second quarter valued at about $110,181,000. Amundi lifted its stake in shares of Perpetua Resources by 37.3% during the 1st quarter. Amundi now owns 1,384,758 shares of the company's stock worth $38,939,000 after buying an additional 375,962 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of Perpetua Resources by 363.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company's stock worth $22,824,000 after buying an additional 862,143 shares during the period. Finally, Capital World Investors bought a new position in Perpetua Resources in the 4th quarter valued at about $19,639,000. 70.07% of the stock is owned by institutional investors and hedge funds.

About Perpetua Resources

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.

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