Perpetua Resources Corp. (NASDAQ:PPTA) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Perpetua Resources Corp. has received an average recommendation of "Buy" from analysts, with five out of six ratings firms supporting a buy or strong buy rating.
• The average 12-month price target for Perpetua Resources is $21.63, with individual targets ranging from $17.00 to $27.50.
• Institutional investors own 70.07% of Perpetua Resources, highlighting increasing interest in the stock, along with a significant share purchase by Paulson & Co. Inc. increasing their stake by 30.58%.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) have received a consensus recommendation of "Buy" from the six research firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $22.25.

Several equities research analysts have commented on the stock. HC Wainwright raised their price target on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a research note on Friday. B. Riley restated a "buy" rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Royal Bank Of Canada began coverage on shares of Perpetua Resources in a research report on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective on the stock. Finally, National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th.

Perpetua Resources Stock Up 1.2%

Shares of PPTA stock traded up $0.22 on Tuesday, reaching $17.75. 189,888 shares of the stock were exchanged, compared to its average volume of 1,691,533. The firm has a 50 day moving average of $14.92 and a two-hundred day moving average of $12.89. The stock has a market cap of $1.91 billion, a P/E ratio of -56.79 and a beta of -0.02. Perpetua Resources has a 1-year low of $7.61 and a 1-year high of $18.04.

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. On average, equities research analysts predict that Perpetua Resources will post -0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the firm's stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the purchase, the insider owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perpetua Resources

Several hedge funds have recently bought and sold shares of PPTA. Lowe Wealth Advisors LLC bought a new position in Perpetua Resources in the second quarter valued at $26,000. Steward Partners Investment Advisory LLC bought a new position in Perpetua Resources in the second quarter valued at $31,000. Ancora Advisors LLC bought a new position in Perpetua Resources in the fourth quarter valued at $37,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Perpetua Resources in the 2nd quarter valued at about $39,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Perpetua Resources by 1,658.4% during the 1st quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock worth $46,000 after buying an additional 4,063 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.

About Perpetua Resources

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.