Medici Capital LLC Makes New $607,000 Investment in Perpetua Resources Corp. $PPTA

Key Points

• Medici Capital LLC has made a significant investment of $607,000 in Perpetua Resources Corp, acquiring 50,000 shares, which now represents 0.6% of its investment portfolio.
• Perpetua Resources has seen strong interest from institutional investors, with notable purchases exceeding $15 million from multiple firms in the first quarter alone.
• The stock of Perpetua Resources is currently trading at $17.32 with a market cap of $1.86 billion, and it has an average analyst rating of "Buy" with a price target of $23.75.

Medici Capital LLC bought a new position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 50,000 shares of the company's stock, valued at approximately $607,000. Perpetua Resources accounts for about 0.6% of Medici Capital LLC's investment portfolio, making the stock its 17th largest position. Medici Capital LLC owned approximately 0.05% of Perpetua Resources at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PPTA. Encompass Capital Advisors LLC purchased a new position in Perpetua Resources in the 1st quarter valued at approximately $15,745,000. Millennium Management LLC increased its stake in Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after purchasing an additional 811,363 shares in the last quarter. Sprott Inc. increased its stake in Perpetua Resources by 15.5% in the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock valued at $36,297,000 after purchasing an additional 456,524 shares in the last quarter. Amundi increased its stake in Perpetua Resources by 39.4% in the 1st 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. Finally, Mackenzie Financial Corp purchased a new position in Perpetua Resources in the 1st quarter valued at approximately $2,734,000. Institutional investors and hedge funds own 70.07% of the company's stock.

Perpetua Resources Stock Performance

Shares of NASDAQ:PPTA opened at $17.32 on Friday. The business's fifty day moving average price is $16.76 and its two-hundred day moving average price is $13.96. The stock has a market cap of $1.86 billion and a PE ratio of -55.87. Perpetua Resources Corp. has a one year low of $7.81 and a one year high of $19.75.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on PPTA shares. HC Wainwright raised their price objective on Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Royal Bank Of Canada initiated coverage on Perpetua Resources in a report on Friday, July 18th. They set an "outperform" rating and a $23.00 target price on the stock. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, B. Riley increased their target price on Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $23.75.

Insider Buying and Selling at Perpetua Resources

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.