K2 Principal Fund L.P. Lowers Holdings in Perpetua Resources Corp. $PPTA

Key Points

• K2 Principal Fund L.P. has reduced its stake in Perpetua Resources Corp. by 15.9%, bringing its ownership to approximately 0.20% and a total value of $1.53 million.
• Despite K2's sell-off, other significant investors, like Corebridge Financial and AQR Capital Management, have increased their positions in the company, indicating continued interest in Perpetua Resources.
• Perpetua Resources reported quarterly earnings of ($0.08) per share, surpassing analyst expectations, while Wall Street analysts maintain a consensus Buy rating with a target price of $22.25.

K2 Principal Fund L.P. lessened its stake in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) by 15.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 142,901 shares of the company's stock after selling 27,099 shares during the quarter. K2 Principal Fund L.P. owned approximately 0.20% of Perpetua Resources worth $1,528,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PPTA. Encompass Capital Advisors LLC purchased a new stake in shares of Perpetua Resources during the first quarter valued at approximately $15,745,000. Sprott Inc. lifted its stake in Perpetua Resources by 15.5% in the first quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock worth $36,297,000 after acquiring an additional 456,524 shares during the period. Amundi lifted its stake in Perpetua Resources by 39.4% in the first quarter. Amundi now owns 1,017,573 shares of the company's stock worth $11,397,000 after acquiring an additional 287,664 shares during the period. Millennium Management LLC lifted its stake in Perpetua Resources by 226.7% in the fourth quarter. Millennium Management LLC now owns 370,536 shares of the company's stock worth $3,954,000 after acquiring an additional 257,130 shares during the period. Finally, Mackenzie Financial Corp purchased a new stake in Perpetua Resources in the first quarter worth $2,734,000. Hedge funds and other institutional investors own 70.07% of the company's stock.

Perpetua Resources Price Performance

Shares of PPTA stock traded down $1.35 during trading hours on Tuesday, reaching $16.71. 3,968,300 shares of the company traded hands, compared to its average volume of 1,750,850. Perpetua Resources Corp. has a 12-month low of $7.81 and a 12-month high of $19.75. The company has a market cap of $1.80 billion and a P/E ratio of -53.90. The firm has a 50-day moving average price of $16.37 and a 200 day moving average price of $13.76.

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 for the quarter, beating analysts' consensus estimates of ($0.14) by $0.06. Sell-side analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Buying and Selling

In related news, insider Michael Stephen Wright sold 10,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 14,195 shares of the company's stock, valued at approximately $259,910.45. The trade was a 41.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average cost of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the acquisition, the insider owned 32,347,299 shares in the company, valued at $426,984,346.80. This represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on PPTA shares. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright increased their price objective on Perpetua Resources from $27.50 to $30.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Finally, Royal Bank Of Canada began coverage on Perpetua Resources in a report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat.com, the company 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.