The Manufacturers Life Insurance Company Purchases New Position in Perpetua Resources Corp. $PPTA

Key Points

• The Manufacturers Life Insurance Company acquired 140,848 shares of Perpetua Resources in the second quarter, worth approximately $2.9 million and representing about 0.11% of the company. Institutional investors collectively own 70.07% of PPTA.
• Perpetua Resources reported a quarterly loss of $0.78 per share, missing the $0.19 consensus estimate; analysts expect a full-year loss of $2.16 per share.
• Analyst sentiment is mixed but leans positive, with five Buy ratings, one Hold, and one Sell. The stock has a “Moderate Buy” consensus rating and an average price target of $35.90, versus a recent price of $23.50.

The Manufacturers Life Insurance Company acquired 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 Form 13F filing with the Securities and Exchange Commission. The firm acquired 140,848 shares of the company's stock, valued at approximately $2,921,000. The Manufacturers Life Insurance Company owned about 0.11% of Perpetua Resources at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC bought a new stake in Perpetua Resources in the fourth quarter valued at approximately $31,000. UMB Bank n.a. bought a new position in shares of Perpetua Resources during the fourth quarter worth $36,000. Kestra Advisory Services LLC bought a new position in shares of Perpetua Resources during the fourth quarter worth $40,000. Pilgrim Partners Asia Pte Ltd grew its holdings in shares of Perpetua Resources by 225.0% in the 4th quarter. Pilgrim Partners Asia Pte Ltd now owns 2,600 shares of the company's stock valued at $63,000 after buying an additional 1,800 shares during the period. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Perpetua Resources in the 4th quarter valued at $63,000. Institutional investors and hedge funds own 70.07% of the company's stock.

Perpetua Resources Stock Down 5.8%

Shares of PPTA stock opened at $23.50 on Wednesday. Perpetua Resources Corp. has a 12-month low of $16.43 and a 12-month high of $37.37. The firm has a fifty day moving average of $21.55 and a 200-day moving average of $26.08. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -11.63 and a beta of 0.15.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same quarter last year, the company earned $0.08 EPS. On average, equities analysts expect that Perpetua Resources Corp. will post -2.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. B. Riley Financial initiated coverage on Perpetua Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $30.00 target price for the company. Zacks Research upgraded Perpetua Resources from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Scotiabank assumed coverage on Perpetua Resources in a report on Tuesday. They issued a "sector outperform" rating for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $43.50 price target on shares of Perpetua Resources in a research report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Perpetua Resources has an average rating of "Moderate Buy" and an average target price of $35.90.

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. The company was formerly known as Midas Gold Corp. and changed its name to Perpetua Resources Corp.

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