Legal & General Group Plc Purchases New Position in Perpetua Resources Corp. $PPTA

Key Points

• Legal & General acquired 73,816 shares of Perpetua Resources in the second quarter, worth approximately $1.53 million. Institutional investors collectively own 70.07% of PPTA, with BlackRock, JPMorgan, Alyeska, Vanguard and Millennium also increasing or initiating positions.
• Analyst sentiment is broadly positive, with five Buy ratings, one Hold and one Sell. Perpetua has a “Moderate Buy” consensus rating and an average price target of $35.90.
• PPTA opened at $25.09, while the company’s latest quarterly results showed a loss of $0.78 per share, missing the consensus estimate of a $0.19 loss; analysts expect a full-year loss of $2.16 per share.

Legal & General Group Plc acquired a new position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 73,816 shares of the company's stock, valued at approximately $1,532,000. Legal & General Group Plc owned approximately 0.06% of Perpetua Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PPTA. BlackRock Inc. acquired a new stake in shares of Perpetua Resources during the second quarter worth approximately $110,181,000. JPMorgan Chase & Co. raised its holdings in Perpetua Resources by 3,107.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company's stock valued at $70,471,000 after acquiring an additional 2,820,067 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in Perpetua Resources by 40.4% in the third quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company's stock valued at $92,678,000 after acquiring an additional 1,318,008 shares in the last quarter. Vanguard Group Inc. boosted its stake in Perpetua Resources by 65.1% during the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company's stock valued at $76,447,000 after acquiring an additional 1,245,630 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after acquiring an additional 811,363 shares during the last quarter. Hedge funds and other institutional investors own 70.07% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PPTA shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $43.50 price target on shares of Perpetua Resources in a research report on Tuesday, August 18th. Zacks Research upgraded Perpetua Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. 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 price target for the company. Finally, Scotiabank began coverage on Perpetua Resources in a report on Tuesday, September 1st. They issued a "sector outperform" rating for the company. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.90.

Perpetua Resources Stock Performance

NASDAQ PPTA opened at $25.09 on Monday. Perpetua Resources Corp. has a 52 week low of $16.43 and a 52 week high of $37.37. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -12.42 and a beta of 0.15. The company has a 50-day moving average price of $21.77 and a two-hundred day moving average price of $26.00.

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 for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.59). During the same quarter in the prior year, the company earned $0.08 earnings per share. As a group, equities research analysts expect that Perpetua Resources Corp. will post -2.16 earnings per share for the current fiscal year.

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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