Perpetua Resources (NASDAQ:PPTA) Releases Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Perpetua Resources reported a quarterly earnings per share of ($0.08), exceeding the consensus estimate of ($0.14) by $0.06.
• The company's stock traded down 2.0% to $17.03, with a market cap of approximately $1.83 billion and a price-to-earnings ratio of -58.72.
• Major shareholder Paulson & Co. Inc. acquired 7,575,757 shares at an average price of $13.20, increasing their ownership stake by 30.58%.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) announced its earnings results on Wednesday. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06, Zacks reports.

Perpetua Resources Price Performance

Shares of PPTA traded up $0.26 during trading hours on Monday, hitting $17.57. The company's stock had a trading volume of 2,253,707 shares, compared to its average volume of 1,966,855. The business has a 50 day simple moving average of $14.93 and a two-hundred day simple moving average of $12.99. Perpetua Resources has a 52-week low of $7.61 and a 52-week high of $18.10. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -56.68 and a beta of -0.02.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PPTA shares. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. Royal Bank Of Canada began coverage on shares of Perpetua Resources in a research report on Friday, July 18th. They set an "outperform" rating and a $23.00 target price for the company. B. Riley reaffirmed a "buy" rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, HC Wainwright upped their price objective on Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a research note on Friday. Five investment 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.com, the stock currently has an average rating of "Buy" and a consensus price target of $22.25.

Insiders Place Their Bets

In other news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the business's stock in a transaction dated Monday, June 16th. The stock was bought at an average cost of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the transaction, the insider owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. The trade was a 30.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

Several large investors have recently added to or reduced their stakes in PPTA. Millennium Management LLC boosted its position in shares of Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after acquiring an additional 811,363 shares during the last quarter. Moore Capital Management LP purchased a new stake in Perpetua Resources in the second quarter valued at approximately $3,671,000. Goldman Sachs Group Inc. lifted its position in Perpetua Resources by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company's stock valued at $1,164,000 after purchasing an additional 1,835 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Perpetua Resources by 27.1% during the second quarter. The Manufacturers Life Insurance Company now owns 85,797 shares of the company's stock valued at $1,042,000 after purchasing an additional 18,320 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in Perpetua Resources by 90.0% in the 2nd quarter. California State Teachers Retirement System now owns 82,235 shares of the company's stock worth $998,000 after buying an additional 38,961 shares in the last quarter. Institutional investors own 70.07% of the company's stock.

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.