Empyrean Capital Partners LP Has $23.62 Million Holdings in Perpetua Resources Corp. $PPTA

Key Points

• Empyrean Capital Partners cut its Perpetua Resources stake by 18.4% in the first quarter, selling 188,853 shares. It still held 840,000 shares worth approximately $23.62 million, representing 0.67% of the company.
• Perpetua shares opened at $18.24, well below their 50-day and 200-day moving averages of $22.26 and $27.42, respectively. The company reported a quarterly loss of $0.39 per share, missing estimates by $0.21.
• Analyst sentiment remains a “Moderate Buy”, with four Buy ratings, one Hold and one Sell, and a consensus price target of $37.90. Perpetua is advancing its Idaho Cobalt Project, focused on producing cobalt, copper, gold and silver for clean-energy supply chains.

Empyrean Capital Partners LP trimmed its position in Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) by 18.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 840,000 shares of the company's stock after selling 188,853 shares during the period. Empyrean Capital Partners LP owned 0.67% of Perpetua Resources worth $23,621,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC bought a new stake in Perpetua Resources during the 4th quarter worth $31,000. UMB Bank n.a. bought a new position in Perpetua Resources in the fourth quarter valued at about $36,000. Kestra Advisory Services LLC bought a new position in Perpetua Resources in the fourth quarter valued at about $40,000. Pilgrim Partners Asia Pte Ltd boosted its stake in shares of Perpetua Resources by 225.0% during the fourth quarter. Pilgrim Partners Asia Pte Ltd now owns 2,600 shares of the company's stock valued at $63,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Perpetua Resources during the fourth quarter valued at about $63,000. Institutional investors and hedge funds own 70.07% of the company's stock.

Perpetua Resources Trading Up 2.2%

Shares of PPTA opened at $18.24 on Tuesday. The stock's 50-day moving average price is $22.26 and its two-hundred day moving average price is $27.42. Perpetua Resources Corp. has a 12 month low of $14.69 and a 12 month high of $37.37. The company has a market capitalization of $2.28 billion, a PE ratio of -13.82 and a beta of 0.05.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PPTA. HC Wainwright upped their price objective on Perpetua Resources from $41.00 to $43.50 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Perpetua Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a report on Friday, July 17th. Four 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 company's stock. Based on data from MarketBeat.com, Perpetua Resources has an average rating of "Moderate Buy" and a consensus price target of $37.90.

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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