Perpetua Resources Corp. (NASDAQ:PPTA) Stock Has Consensus Target Price of $37.38 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Seven analysts give Perpetua Resources a consensus “Moderate Buy” rating, with five buys, one hold and one sell. The average 12-month price target is $37.38 versus the stock’s reported $20.64 opening price.
• Institutional ownership is substantial: Hedge funds and other institutional investors own approximately 70.07% of PPTA, with Paulson & Co. and BlackRock among those establishing new positions.
• Recent results missed expectations: Perpetua reported a quarterly loss of $0.78 per share, substantially below the consensus loss estimate of $0.19, and analysts expect a full-year loss of $2.16 per share.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) has been given a consensus rating of "Moderate Buy" by the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $37.38.

PPTA has been the subject of several analyst reports. 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. Scotiabank started coverage on Perpetua Resources in a report on Tuesday, September 1st. They issued a "sector outperform" rating for the company. HC Wainwright reaffirmed a "buy" rating and set a $43.50 price objective on shares of Perpetua Resources in a research note on Wednesday, September 30th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Perpetua Resources in a report on Friday, July 17th.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently bought and sold shares of PPTA. Paulson & CO. Inc. acquired a new position in shares of Perpetua Resources in the 2nd quarter valued at $671,530,000. BlackRock Inc. purchased a new position in shares of Perpetua Resources in the 2nd quarter worth $110,181,000. Amundi raised its position in shares of Perpetua Resources by 37.3% in 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 period. Alyeska Investment Group L.P. boosted 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 valued at $22,824,000 after acquiring an additional 862,143 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Perpetua Resources during the second quarter valued at about $15,128,000. Institutional investors and hedge funds own 70.07% of the company's stock.

Perpetua Resources Stock Performance

PPTA stock opened at $20.64 on Friday. The stock has a market capitalization of $2.58 billion, a P/E ratio of -10.22 and a beta of 0.15. Perpetua Resources has a one year low of $16.43 and a one year high of $37.37. The company has a 50 day moving average price of $23.53 and a two-hundred day moving average price of $24.46.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same quarter in the prior year, the business posted $0.08 earnings per share. Research analysts forecast that Perpetua Resources will post -2.16 earnings per share for the current fiscal year.

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.

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