Mackenzie Financial Corp Buys Shares of 255,782 Perpetua Resources Corp. (NASDAQ:PPTA)

Key Points

• Mackenzie Financial Corp has purchased 255,782 shares of Perpetua Resources Corp (NASDAQ:PPTA), valued at approximately $2.73 million, increasing its ownership stake to 0.36% as of the latest SEC filing.
• Multiple hedge funds and institutional investors have recently altered their positions in PPTA, with significant increases in holdings from firms such as GAMMA Investing LLC and Continuum Advisory LLC.
• Analysts have a consensus rating of "Buy" for Perpetua Resources, with target prices ranging from $17.00 to $27.50, indicating positive expectations for the stock's performance.

Mackenzie Financial Corp bought a new position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 255,782 shares of the company's stock, valued at approximately $2,734,000. Mackenzie Financial Corp owned approximately 0.36% of Perpetua Resources as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Ancora Advisors LLC acquired a new stake in Perpetua Resources in the fourth quarter valued at about $37,000. GAMMA Investing LLC boosted its stake in Perpetua Resources by 1,658.4% in the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock valued at $46,000 after buying an additional 4,063 shares in the last quarter. North Capital Inc. acquired a new stake in Perpetua Resources in the first quarter valued at about $53,000. BNP Paribas Financial Markets acquired a new stake in Perpetua Resources in the fourth quarter valued at about $55,000. Finally, Continuum Advisory LLC raised its position in Perpetua Resources by 72.9% in the first quarter. Continuum Advisory LLC now owns 8,300 shares of the company's stock valued at $89,000 after purchasing an additional 3,500 shares during the last quarter. 70.07% of the stock is owned by institutional investors and hedge funds.

Perpetua Resources Stock Performance

Shares of NASDAQ PPTA traded up $0.24 during midday trading on Wednesday, hitting $16.92. 1,014,476 shares of the stock traded hands, compared to its average volume of 1,699,929. The company has a market cap of $1.82 billion, a PE ratio of -58.48 and a beta of -0.02. Perpetua Resources Corp. has a one year low of $5.53 and a one year high of $18.04. The business has a 50 day moving average price of $14.67 and a two-hundred day moving average price of $12.65.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). As a group, equities research analysts forecast that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the transaction, the insider directly owned 32,347,299 shares in the company, valued at approximately $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on PPTA. HC Wainwright reiterated a "buy" rating and issued a $27.50 target price on shares of Perpetua Resources in a research report on Tuesday, June 17th. B. Riley restated a "buy" rating and set a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Royal Bank Of Canada initiated coverage on Perpetua Resources in a research report on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective for the company. Finally, National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Perpetua Resources presently has a consensus rating of "Buy" and an average target price of $21.63.

About Perpetua Resources

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.