Perpetua Resources (NASDAQ:PPTA) Reaches New 12-Month High on 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)'s stock price reached a new 52-week high during mid-day 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. The stock had previously closed at $17.53.

PPTA has been the subject of several other research reports. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (up previously from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, Royal Bank Of Canada assumed coverage on shares of Perpetua Resources in a report on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $22.25.

Insider Buying and Selling at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the acquisition, the insider directly owned 32,347,299 shares in the company, valued at approximately $426,984,346.80. This trade represents a 30.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors 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 approximately $26,000. Steward Partners Investment Advisory LLC bought a new position in Perpetua Resources in the second quarter valued at approximately $31,000. Ancora Advisors LLC bought a new position in Perpetua Resources in the fourth quarter valued at approximately $37,000. Caitong International Asset Management Co. Ltd bought a new position in Perpetua Resources in the second quarter valued at approximately $39,000. Finally, GAMMA Investing LLC boosted 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 acquiring an additional 4,063 shares during the last quarter. 70.07% of the stock is owned by institutional investors.

Perpetua Resources Price Performance

The stock has a market capitalization of $1.83 billion, a P/E ratio of -54.97 and a beta of -0.02. The business's 50 day simple moving average is $14.93 and its 200-day simple moving average is $13.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.06. Research analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share 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.