Perpetua Resources Corp. (NASDAQ:PPTA) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Perpetua Resources Corp. (NASDAQ:PPTA) has garnered a consensus rating of "Buy" from six analysts, with an average 12-month price target set at $22.25.
• Recent insider activity includes the sale of 10,000 shares by insider Michael Stephen Wright, representing a significant 41.33% decrease in his ownership, while Paulson & Co. Inc. increased their stake with the purchase of over 7.5 million shares.
• The company reported a quarterly EPS of ($0.08), surpassing analyst expectations, and projections indicate an anticipated EPS of ($0.21) for the current fiscal year.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) have been assigned an average recommendation of "Buy" from the six brokerages that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $23.75.

Several analysts have recently weighed in on PPTA shares. HC Wainwright boosted their target price on Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a report on Friday, August 15th. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. B. Riley boosted their target price on Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Royal Bank Of Canada assumed coverage on Perpetua Resources in a research note on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective for the company.

Perpetua Resources Trading Down 0.2%

Shares of Perpetua Resources stock traded down $0.04 on Friday, hitting $17.21. The stock had a trading volume of 1,313,063 shares, compared to its average volume of 2,085,333. Perpetua Resources has a 52-week low of $7.81 and a 52-week high of $19.75. The stock has a market cap of $1.85 billion and a price-to-earnings ratio of -55.51. The company's 50 day moving average price is $16.66 and its 200 day moving average price is $13.86.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.06. Analysts predict that Perpetua Resources will post -0.21 EPS for the current fiscal year.

Insider Activity at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of Perpetua Resources stock in a transaction on Monday, June 16th. The stock was purchased at an average cost of $13.20 per share, with a total value of $99,999,992.40. Following the purchase, the insider directly owned 32,347,299 shares in the company, valued at approximately $426,984,346.80. The trade was a 30.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Stephen Wright sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total value of $183,100.00. Following the sale, the insider directly owned 14,195 shares of the company's stock, valued at approximately $259,910.45. This represents a 41.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

A number of large investors have recently modified their holdings of PPTA. Paulson & CO. Inc. raised its stake in shares of Perpetua Resources by 30.6% during the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company's stock worth $392,696,000 after buying an additional 7,575,757 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in shares of Perpetua Resources by 145.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company's stock worth $43,806,000 after buying an additional 2,135,478 shares in the last quarter. Monaco Asset Management SAM purchased a new position in shares of Perpetua Resources during the 2nd quarter worth approximately $12,662,000. Fourth Sail Capital LP purchased a new position in shares of Perpetua Resources during the 2nd quarter worth approximately $12,185,000. Finally, Millennium Management LLC grew its holdings in shares of Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after acquiring an additional 811,363 shares during the period. 70.07% of the stock is owned by hedge funds and other institutional investors.

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.