Perpetua Resources (NASDAQ:PPTA) Hits New 12-Month High After Analyst Upgrade

Key Points

• Perpetua Resources Corp. shares reached a new 52-week high after HC Wainwright upgraded their price target from $27.50 to $30.00, maintaining a buy rating.
• Major shareholder Paulson & Co. Inc. significantly increased their stake by purchasing 7.57 million shares at an average cost of $13.20 per share, raising their ownership to over 32 million shares.
• The stock currently has an average analyst rating of "Buy" and a consensus price target of $22.25, indicating positive future projections for the company.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) shares hit a new 52-week high during trading on Friday after HC Wainwright raised their price target on the stock from $27.50 to $30.00. HC Wainwright currently has a buy rating on the stock. Perpetua Resources traded as high as $18.10 and last traded at $17.68, with a volume of 816122 shares traded. The stock had previously closed at $17.53.

Several other equities analysts also recently weighed in on PPTA. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. B. Riley reissued a "buy" rating and issued a $17.00 target price (up from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. Finally, Royal Bank Of Canada started coverage on Perpetua Resources in a report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price target for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Perpetua Resources presently has an average rating of "Buy" and a consensus price target of $22.25.

Insider Activity at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired 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 $426,984,346.80. This trade represents a 30.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Perpetua Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Lowe Wealth Advisors LLC purchased a new position in shares of Perpetua Resources during the second quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC acquired a new position in Perpetua Resources in the 2nd quarter valued at $31,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Perpetua Resources in the second quarter valued at $39,000. Ancora Advisors LLC acquired a new position in Perpetua Resources in the fourth quarter valued at $37,000. Finally, GAMMA Investing LLC increased its stake in Perpetua Resources by 1,658.4% in the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock valued at $46,000 after purchasing an additional 4,063 shares during the last quarter. Hedge funds and other institutional investors own 70.07% of the company's stock.

Perpetua Resources Stock Performance

The firm has a fifty day simple moving average of $14.92 and a 200 day simple moving average of $12.89. The company has a market cap of $1.90 billion, a PE ratio of -56.87 and a beta of -0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its earnings results 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. As a group, equities analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal 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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