Mackenzie Financial Corp Takes $2.73 Million Position in 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 purchased a new stake in Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 255,782 shares of the company's stock, valued at approximately $2,734,000. Mackenzie Financial Corp owned approximately 0.36% of Perpetua Resources at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can increased its position in Perpetua Resources by 1.6% during the fourth quarter. Bank of Montreal Can now owns 67,594 shares of the company's stock worth $721,000 after buying an additional 1,054 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Perpetua Resources by 24.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,722 shares of the company's stock worth $168,000 after buying an additional 3,067 shares during the last quarter. Ancora Advisors LLC acquired a new position in Perpetua Resources during the fourth quarter worth approximately $37,000. Continuum Advisory LLC increased its position in Perpetua Resources by 72.9% during the first quarter. Continuum Advisory LLC now owns 8,300 shares of the company's stock worth $89,000 after buying an additional 3,500 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Perpetua Resources by 6.0% during the first quarter. Rhumbline Advisers now owns 64,688 shares of the company's stock worth $692,000 after buying an additional 3,672 shares during the last quarter. 70.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PPTA has been the topic of a number of recent analyst reports. B. Riley reissued a "buy" rating and set a $17.00 price target (up previously 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 target on the stock. HC Wainwright reissued a "buy" rating and set a $27.50 price target on shares of Perpetua Resources in a research report on Tuesday, June 17th. Finally, National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $21.63.

Insider Transactions at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of Perpetua Resources stock in a transaction that occurred on Monday, June 16th. The shares were acquired 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 of the company's stock, valued at $426,984,346.80. This represents a 30.58% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by corporate insiders.

Perpetua Resources Stock Up 0.4%

Shares of Perpetua Resources stock traded up $0.06 on Friday, hitting $15.16. The stock had a trading volume of 1,700,401 shares, compared to its average volume of 3,166,544. Perpetua Resources Corp. has a twelve month low of $5.25 and a twelve month high of $18.04. The business's 50 day moving average is $14.56 and its two-hundred day moving average is $12.58. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -52.28 and a beta of -0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its earnings results 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 analysts predict that Perpetua Resources Corp. will post -0.21 earnings per share for the current fiscal year.

Perpetua Resources Company 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.