Encompass Capital Advisors LLC Buys Shares of 1,472,891 Perpetua Resources Corp. $PPTA

Key Points

• Encompass Capital Advisors LLC invested $15.75 million in Perpetua Resources Corp, acquiring approximately 1.47 million shares, representing about 2.07% of the company's stock.
• Several other large investors, including Sprott Inc. and Amundi, increased their stakes in Perpetua Resources, contributing to over 70% of the company being held by institutional investors.
• Analysts have set new price targets for Perpetua Resources with Royal Bank of Canada issuing a $23.00 target, while HC Wainwright raised their target from $27.50 to $30.00, reflecting overall positive sentiment on the stock.

Encompass Capital Advisors LLC purchased a new stake in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,472,891 shares of the company's stock, valued at approximately $15,745,000. Encompass Capital Advisors LLC owned 2.07% of Perpetua Resources as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sprott Inc. grew its position in Perpetua Resources by 15.5% during the first quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock valued at $36,297,000 after buying an additional 456,524 shares during the period. Amundi lifted its holdings in Perpetua Resources by 39.4% during the first quarter. Amundi now owns 1,017,573 shares of the company's stock valued at $11,397,000 after purchasing an additional 287,664 shares in the last quarter. Condire Management LP lifted its holdings in Perpetua Resources by 6.9% during the fourth quarter. Condire Management LP now owns 890,459 shares of the company's stock valued at $9,501,000 after purchasing an additional 57,399 shares in the last quarter. Millennium Management LLC lifted its holdings in Perpetua Resources by 226.7% during the fourth quarter. Millennium Management LLC now owns 370,536 shares of the company's stock valued at $3,954,000 after purchasing an additional 257,130 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Perpetua Resources during the first quarter valued at $2,734,000. Institutional investors and hedge funds own 70.07% of the company's stock.

Insider Transactions at Perpetua Resources

In other news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the acquisition, the insider owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. This trade represents a 30.58% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Stephen Wright sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total transaction of $183,100.00. Following the completion of the sale, the insider directly owned 14,195 shares of the company's stock, valued at $259,910.45. This represents a 41.33% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company's stock.

Perpetua Resources Stock Performance

Shares of NASDAQ PPTA traded up $0.36 during mid-day trading on Friday, reaching $18.43. The company's stock had a trading volume of 1,448,201 shares, compared to its average volume of 1,868,658. The stock has a 50-day moving average of $16.25 and a two-hundred day moving average of $13.66. The stock has a market capitalization of $1.98 billion and a P/E ratio of -59.45. Perpetua Resources Corp. has a 1-year low of $7.81 and a 1-year high of $19.75.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.06. Analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PPTA shares. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Royal Bank Of Canada started coverage on shares of Perpetua Resources in a report on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective on the stock. Finally, HC Wainwright increased their price objective on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $22.25.

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.