BlackRock Inc. Purchases Shares of 5,307,387 Perpetua Resources Corp. $PPTA

Key Points

• BlackRock acquired 5.31 million shares of Perpetua Resources during the second quarter, valued at approximately $110.2 million and representing about 4.24% of the company.
• Institutional ownership stands at 70.07%, with JPMorgan, Vanguard, Alyeska Investment Group and Millennium Management also increasing their positions.
• Perpetua reported a quarterly loss of $0.78 per share, missing the $0.19 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.90, versus a recent share price of $25.11.

BlackRock Inc. acquired a new stake in Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,307,387 shares of the company's stock, valued at approximately $110,181,000. BlackRock Inc. owned approximately 4.24% of Perpetua Resources as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PPTA. JPMorgan Chase & Co. grew its position in shares of Perpetua Resources by 3,107.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company's stock worth $70,471,000 after purchasing an additional 2,820,067 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in Perpetua Resources by 40.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company's stock worth $92,678,000 after purchasing an additional 1,318,008 shares in the last quarter. Vanguard Group Inc. boosted its stake in Perpetua Resources by 65.1% in the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company's stock worth $76,447,000 after purchasing an additional 1,245,630 shares during the period. Millennium Management LLC boosted its stake in Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after purchasing an additional 811,363 shares during the period. Finally, Capital World Investors purchased a new stake in Perpetua Resources during the 4th quarter valued at approximately $19,639,000. Institutional investors own 70.07% of the company's stock.

Perpetua Resources Stock Performance

PPTA stock opened at $25.11 on Friday. The firm has a fifty day moving average price of $21.50 and a 200 day moving average price of $26.19. Perpetua Resources Corp. has a fifty-two week low of $16.43 and a fifty-two week high of $37.37. The firm has a market cap of $3.14 billion, a PE ratio of -12.43 and a beta of 0.09.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.59). During the same quarter in the prior year, the firm earned $0.08 EPS. On average, equities analysts predict that Perpetua Resources Corp. will post -2.16 EPS for the current year.

Analyst Upgrades and Downgrades

PPTA has been the topic of several recent analyst reports. B. Riley Financial assumed coverage on shares of Perpetua Resources in a research report on Monday, August 3rd. They set a "buy" rating and a $30.00 price objective on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. Zacks Research raised shares of Perpetua Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Finally, HC Wainwright reiterated a "buy" rating and issued a $43.50 price target on shares of Perpetua Resources in a report on Tuesday, August 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Perpetua Resources has an average rating of "Moderate Buy" and a consensus price target of $35.90.

Perpetua Resources Profile

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho. The company was formerly known as Midas Gold Corp. and changed its name to Perpetua Resources Corp.

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