Zurcher Kantonalbank Zurich Cantonalbank Buys New Stake in Perpetua Resources Corp. (NASDAQ:PPTA)

Key Points

• Zurcher Kantonalbank has made a new investment in Perpetua Resources Corp., acquiring 16,790 shares valued at approximately $179,000 in the first quarter.
• Insider activity includes a significant purchase by major shareholder Paulson & Co. Inc., who acquired over 7.5 million shares at an average price of $13.20, enhancing their total ownership by 30.58%.
• Perpetua Resources recently faced a 2.3% decline in stock price, and analysts have issued various price targets ranging from $17.00 to $27.50, with a consensus target price of $21.63.

Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Perpetua Resources Corp. (NASDAQ:PPTA - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 16,790 shares of the company's stock, valued at approximately $179,000.

Several other large investors also recently bought and sold shares of PPTA. Millennium Management LLC boosted its holdings in shares of Perpetua Resources by 226.7% during the 4th quarter. Millennium Management LLC now owns 370,536 shares of the company's stock worth $3,954,000 after purchasing an additional 257,130 shares during the last quarter. Cohen & Steers Inc. acquired a new position in shares of Perpetua Resources during the 4th quarter worth approximately $2,729,000. Yaupon Capital Management LP acquired a new position in Perpetua Resources in the fourth quarter valued at approximately $2,668,000. Polar Asset Management Partners Inc. acquired a new position in Perpetua Resources in the fourth quarter valued at approximately $1,937,000. Finally, K2 Principal Fund L.P. acquired a new position in Perpetua Resources in the fourth quarter valued at approximately $1,814,000. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the transaction, the insider owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. The trade was a 30.58% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.90% of the company's stock.

Perpetua Resources Price Performance

NASDAQ:PPTA remained flat at $17.37 during trading hours on Tuesday. The company's stock had a trading volume of 1,285,135 shares, compared to its average volume of 2,265,357. The stock has a fifty day simple moving average of $14.92 and a 200-day simple moving average of $12.82. Perpetua Resources Corp. has a one year low of $6.00 and a one year high of $18.04. The stock has a market cap of $1.87 billion, a P/E ratio of -59.90 and a beta of -0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). As a group, analysts forecast that Perpetua Resources Corp. will post -0.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PPTA has been the topic of a number of recent analyst reports. Royal Bank Of Canada initiated coverage on Perpetua Resources in a report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price objective on the stock. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. HC Wainwright reiterated a "buy" rating and issued a $27.50 price objective on shares of Perpetua Resources in a report on Tuesday, June 17th. Finally, National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $21.63.

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.