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

Key Points

• Perpetua Resources Corp. has achieved an average consensus rating of "Buy" from seven brokerages, with a twelve-month price target of $23.75.
• Insider Michael Stephen Wright sold 10,000 shares of the company, representing a 41.33% decrease in ownership.
• Approximately 70.07% of Perpetua Resources' stock is owned by institutional investors, with notable new positions established by various hedge funds in the second quarter.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) have received an average rating of "Buy" from the seven brokerages that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $23.75.

Several equities research analysts have weighed in on PPTA shares. HC Wainwright reissued a "buy" rating and set a $30.00 price objective on shares of Perpetua Resources in a research note on Tuesday, September 23rd. Roth Capital reissued a "buy" rating on shares of Perpetua Resources in a research report on Monday, September 22nd. B. Riley boosted their price objective on shares of Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, Wall Street Zen upgraded shares of Perpetua Resources from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th.

Insider Activity at Perpetua Resources

In other news, insider Michael Stephen Wright sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Perpetua Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Lowe Wealth Advisors LLC bought a new position in Perpetua Resources in the second quarter worth approximately $26,000. Steward Partners Investment Advisory LLC bought a new position in Perpetua Resources in the second quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Perpetua Resources during the 2nd quarter worth $39,000. GAMMA Investing LLC grew its position 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 in the last quarter. Finally, North Capital Inc. bought a new position in shares of Perpetua Resources during the 1st quarter worth $53,000. 70.07% of the stock is currently owned by institutional investors.

Perpetua Resources Stock Performance

Shares of PPTA opened at $20.23 on Wednesday. The company's fifty day moving average is $17.65 and its 200 day moving average is $14.79. Perpetua Resources has a fifty-two week low of $7.81 and a fifty-two week high of $22.62. The stock has a market capitalization of $2.18 billion and a PE ratio of -65.26.

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, topping analysts' consensus estimates of ($0.14) by $0.06. As a group, research analysts forecast that Perpetua Resources will post -0.21 earnings per share for the current year.

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.

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