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

Key Points

• Perpetua Resources Corp. (NASDAQ:PPTA) has received a consensus rating of "Buy" from ten brokerages, with an average target price of $28.57.
• Insider transactions showed significant sales, as Michael Stephen Wright sold 10,000 shares, and Jonathan Cherry sold nearly 15,000 shares, indicating a 41.33% and 29.15% decrease in their respective ownership stakes.
• 70.07% of Perpetua Resources' stock is owned by institutional investors, reflecting a strong interest from hedge funds and large financial entities.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) have earned a consensus recommendation of "Buy" from the ten ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $28.5714.

A number of equities research analysts recently weighed in on the stock. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Perpetua Resources in a research report on Tuesday, September 23rd. Roth Capital set a $32.00 price target on shares of Perpetua Resources and gave the company a "buy" rating in a research report on Wednesday. Weiss Ratings restated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Saturday. Zacks Research upgraded shares of Perpetua Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 17th. Finally, Royal Bank Of Canada started coverage on shares of Perpetua Resources in a research note on Friday, July 18th. They issued an "outperform" rating and a $23.00 price objective on the stock.

Insider Transactions at Perpetua Resources

In related news, 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 transaction of $183,100.00. Following the transaction, the insider 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jonathan Cherry sold 14,911 shares of the company's stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $23.72, for a total transaction of $353,688.92. Following the transaction, the insider directly owned 36,249 shares of the company's stock, valued at $859,826.28. This trade represents a 29.15% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. North Capital Inc. acquired a new position in shares of Perpetua Resources in the 1st quarter valued at about $53,000. Bank of New York Mellon Corp boosted its holdings in shares of Perpetua Resources by 12.4% in the 1st quarter. Bank of New York Mellon Corp now owns 91,435 shares of the company's stock valued at $977,000 after buying an additional 10,078 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Perpetua Resources in the 1st quarter valued at about $127,000. Alps Advisors Inc. acquired a new position in shares of Perpetua Resources in the 1st quarter valued at about $941,000. Finally, Arizona State Retirement System acquired a new position in shares of Perpetua Resources in the 1st quarter valued at about $140,000. 70.07% of the stock is owned by institutional investors and hedge funds.

Perpetua Resources Price Performance

PPTA opened at $23.30 on Friday. The company's 50 day simple moving average is $20.51 and its two-hundred day simple moving average is $16.52. Perpetua Resources has a 1-year low of $7.81 and a 1-year high of $31.65. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -75.16 and a beta of 0.01.

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. On average, equities analysts anticipate that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Perpetua Resources Company 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.

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