173,898 Shares in Perpetua Resources Corp. $PPTA Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 173,898 shares of Perpetua Resources in the second quarter, valued at approximately $3.61 million, while institutional investors collectively owned 70.07% of the company.
• Analyst sentiment is broadly positive, with five Buy ratings, one Hold and one Sell; the stock has a consensus rating of “Moderate Buy” and a $35.90 average price target.
• Perpetua reported a quarterly loss of $0.78 per share, missing estimates by $0.59, and analysts expect a full-year loss of approximately $2.16 per share.

Bank of America Corp DE purchased a new position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 173,898 shares of the company's stock, valued at approximately $3,610,000. Bank of America Corp DE owned approximately 0.14% of Perpetua Resources at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PPTA. Paulson & CO. Inc. bought a new stake in shares of Perpetua Resources in the 2nd quarter worth $671,530,000. BlackRock Inc. bought a new position in shares of Perpetua Resources during the second quarter valued at about $110,181,000. Capital World Investors bought a new position in shares of Perpetua Resources during the fourth quarter valued at about $19,639,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Perpetua Resources during the second quarter worth about $15,128,000. Finally, TD Asset Management Inc boosted its holdings in Perpetua Resources by 365.4% during the fourth quarter. TD Asset Management Inc now owns 608,857 shares of the company's stock worth $14,760,000 after purchasing an additional 478,021 shares during the last quarter. 70.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. B. Riley Financial started coverage on Perpetua Resources in a report on Monday, August 3rd. They set a "buy" rating and a $30.00 price target on the stock. HC Wainwright restated a "buy" rating and issued a $43.50 price objective on shares of Perpetua Resources in a research note on Tuesday, August 18th. Zacks Research raised Perpetua Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Scotiabank started coverage on shares of Perpetua Resources in a report on Tuesday, September 1st. They issued a "sector outperform" rating on the stock. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.90.

Perpetua Resources Price Performance

Shares of PPTA opened at $21.53 on Wednesday. Perpetua Resources Corp. has a 1 year low of $16.43 and a 1 year high of $37.37. The stock's fifty day moving average price is $23.13 and its two-hundred day moving average price is $24.91. The firm has a market cap of $2.69 billion, a PE ratio of -10.66 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 the consensus estimate of ($0.19) by ($0.59). During the same period in the prior year, the company posted $0.08 earnings per share. Sell-side analysts anticipate that Perpetua Resources Corp. 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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