Perpetua Resources (NASDAQ:PPTA) Issues Earnings Results

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) posted its quarterly earnings data on Wednesday. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.06, Zacks reports.

Perpetua Resources Stock Down 2.0%

PPTA stock traded down $0.34 during mid-day trading on Wednesday, reaching $17.03. 1,432,635 shares of the company traded hands, compared to its average volume of 1,702,170. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -58.72 and a beta of -0.02. Perpetua Resources has a fifty-two week low of $6.00 and a fifty-two week high of $18.04. The firm's 50 day moving average price is $14.92 and its 200 day moving average price is $12.82.

Insider Transactions at Perpetua Resources

In other Perpetua Resources news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the business's stock in a transaction dated Monday, June 16th. The shares were purchased at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the purchase, the insider directly owned 32,347,299 shares of the company's stock, valued at approximately $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in shares of Perpetua Resources by 219.0% in the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after purchasing an additional 811,363 shares during the period. Goldman Sachs Group Inc. boosted 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 buying an additional 1,835 shares during the period. Rhumbline Advisers boosted its position in Perpetua Resources by 15.2% during the second quarter. Rhumbline Advisers now owns 74,505 shares of the company's stock valued at $904,000 after buying an additional 9,817 shares during the period. Legal & General Group Plc boosted its holdings in shares of Perpetua Resources by 121.1% during the second quarter. Legal & General Group Plc now owns 73,705 shares of the company's stock worth $895,000 after purchasing an additional 40,367 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Perpetua Resources by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,958 shares of the company's stock worth $672,000 after purchasing an additional 2,680 shares during the period. Institutional investors own 70.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PPTA shares. Royal Bank Of Canada started coverage on Perpetua Resources in a research note on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective on the stock. B. Riley restated a "buy" rating and set a $17.00 price objective (up previously from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright restated a "buy" rating and set a $27.50 price objective on shares of Perpetua Resources in a research note on Tuesday, June 17th. Finally, National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Perpetua Resources presently has an average rating of "Buy" and a consensus target price of $21.63.

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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