Tidal Investments LLC Lowers Position in Perpetua Resources Corp. $PPTA

Key Points

• Tidal Investments reduced its Perpetua Resources stake by 8.7% in the second quarter, selling 465,327 shares while retaining 4.89 million shares valued at approximately $101.6 million. Institutional investors collectively own 70.07% of PPTA.
• Analyst sentiment is generally positive, with five Buy ratings, one Hold, and one Sell. Perpetua has a “Moderate Buy” consensus rating and an average price target of $35.90.
• The company reported a quarterly loss of $0.78 per share, missing the $0.19 consensus estimate, and analysts expect a full-year loss of approximately $2.16 per share. PPTA opened at $24.76, compared with a 12-month range of $16.43 to $37.37.

Tidal Investments LLC trimmed its position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) by 8.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,894,757 shares of the company's stock after selling 465,327 shares during the quarter. Tidal Investments LLC owned 3.91% of Perpetua Resources worth $101,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PPTA. Paulson & CO. Inc. purchased a new stake in shares of Perpetua Resources in the second quarter valued at about $671,530,000. BlackRock Inc. purchased a new position in Perpetua Resources during the second quarter worth about $110,181,000. JPMorgan Chase & Co. grew its position in Perpetua Resources by 3,107.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company's stock worth $70,471,000 after purchasing an additional 2,820,067 shares in the last quarter. California State Teachers Retirement System grew its position in Perpetua Resources by 1,916.0% in the 2nd quarter. California State Teachers Retirement System now owns 2,064,893 shares of the company's stock worth $42,867,000 after purchasing an additional 1,962,467 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in Perpetua Resources by 40.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company's stock valued at $92,678,000 after buying an additional 1,318,008 shares during the last quarter. Institutional investors own 70.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PPTA shares. Weiss Ratings restated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. B. Riley Financial began coverage on Perpetua Resources in a research report on Monday, August 3rd. They set a "buy" rating and a $30.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $43.50 price target on shares of Perpetua Resources in a report on Tuesday, August 18th. Zacks Research raised Perpetua Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Scotiabank began coverage on Perpetua Resources in a research note on Tuesday, September 1st. They issued a "sector outperform" rating for the company. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Perpetua Resources currently has an average rating of "Moderate Buy" and a consensus price target of $35.90.

Perpetua Resources Price Performance

PPTA opened at $24.76 on Thursday. Perpetua Resources Corp. has a twelve month low of $16.43 and a twelve month high of $37.37. The company's 50-day moving average price is $22.01 and its two-hundred day moving average price is $25.91. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -12.26 and a beta of 0.15.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same period in the prior year, the firm posted $0.08 EPS. As a group, sell-side analysts anticipate that Perpetua Resources Corp. will post -2.16 earnings per share for the current year.

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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