Russell Investments Group Ltd. Trims Stock Position in Perpetua Resources Corp. $PPTA

Key Points

• Russell Investments Group Ltd. reduced its stake in Perpetua Resources Corp. by 45.6% in Q1, owning 138,272 shares valued at approximately $1.48 million after selling 115,931 shares.
• Major shareholder Paulson & Co. Inc. significantly increased its ownership by acquiring 7.57 million shares for nearly $100 million, raising its total shares held to approximately 32.35 million.
• Perpetua Resources received positive ratings from several analysts, with target prices ranging from $17.00 to $30.00 and a consensus rating of "Buy."

Russell Investments Group Ltd. decreased its position in Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) by 45.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,272 shares of the company's stock after selling 115,931 shares during the period. Russell Investments Group Ltd. owned approximately 0.19% of Perpetua Resources worth $1,478,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Nuveen LLC bought a new position in Perpetua Resources in the 1st quarter worth about $747,000. Invesco Ltd. boosted its stake in Perpetua Resources by 64.5% in the 1st quarter. Invesco Ltd. now owns 28,225 shares of the company's stock worth $302,000 after purchasing an additional 11,072 shares in the last quarter. Swiss National Bank bought a new position in Perpetua Resources in the 1st quarter worth about $945,000. Deutsche Bank AG boosted its stake in Perpetua Resources by 409.2% in the 1st quarter. Deutsche Bank AG now owns 157,285 shares of the company's stock worth $1,681,000 after purchasing an additional 126,394 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Perpetua Resources by 11.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 102,439 shares of the company's stock worth $1,095,000 after purchasing an additional 10,683 shares in the last quarter. Institutional investors own 70.07% of the company's stock.

Insider Activity at Perpetua Resources

In other Perpetua Resources news, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of Perpetua Resources stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the transaction, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PPTA. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright boosted their target price on Perpetua Resources from $27.50 to $30.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. B. Riley reissued a "buy" rating and issued a $17.00 target price (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, Royal Bank Of Canada began coverage on Perpetua Resources in a research report on Friday, July 18th. They issued an "outperform" rating and a $23.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat, Perpetua Resources currently has an average rating of "Buy" and a consensus target price of $22.25.

Perpetua Resources Stock Performance

Shares of NASDAQ PPTA traded down $0.18 during midday trading on Tuesday, hitting $18.69. 2,724,962 shares of the company's stock traded hands, compared to its average volume of 1,722,055. Perpetua Resources Corp. has a 1 year low of $7.61 and a 1 year high of $19.13. The stock has a market capitalization of $2.01 billion and a price-to-earnings ratio of -60.29. The firm has a fifty day moving average of $15.89 and a 200 day moving average of $13.47.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.06. On average, equities analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share for the current 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.