Royal Bank Of Canada Begins Coverage on Perpetua Resources (NASDAQ:PPTA)

Royal Bank Of Canada began coverage on shares of Perpetua Resources (NASDAQ:PPTA - Get Free Report) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set an "outperform" rating and a $23.00 price target on the stock. Royal Bank Of Canada's price target suggests a potential upside of 33.95% from the company's previous close.

Other research analysts have also recently issued research reports about the company. National Bank Financial raised Perpetua Resources to a "strong-buy" rating in a research report on Friday, March 21st. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. HC Wainwright reaffirmed a "buy" rating and set a $27.50 target price on shares of Perpetua Resources in a research report on Tuesday, June 17th. Finally, B. Riley reaffirmed a "buy" rating and set a $17.00 target price (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $21.63.

Perpetua Resources Stock Down 0.1%

Shares of PPTA stock traded down $0.01 during trading on Friday, reaching $17.17. 3,360,204 shares of the company's stock were exchanged, compared to its average volume of 1,157,579. The stock has a market capitalization of $1.85 billion, a PE ratio of -59.21 and a beta of -0.04. Perpetua Resources has a twelve month low of $5.25 and a twelve month high of $17.96. The firm's fifty day moving average price is $13.87 and its 200-day moving average price is $12.29.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its earnings results on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). As a group, analysts anticipate that Perpetua Resources will post -0.21 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were 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 approximately $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Stephen Wright sold 6,500 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $13.85, for a total value of $90,025.00. Following the sale, the insider owned 14,195 shares in the company, valued at approximately $196,600.75. This trade represents a 31.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds have recently made changes to their positions in PPTA. ProShare Advisors LLC purchased a new position in shares of Perpetua Resources during the 4th quarter valued at about $116,000. Rhumbline Advisers raised its stake in shares of Perpetua Resources by 6.0% during the 1st quarter. Rhumbline Advisers now owns 64,688 shares of the company's stock valued at $692,000 after buying an additional 3,672 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Perpetua Resources during the 4th quarter valued at about $55,000. Raymond James Financial Inc. purchased a new position in shares of Perpetua Resources during the 4th quarter valued at about $280,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Perpetua Resources by 387.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 67,483 shares of the company's stock valued at $720,000 after buying an additional 53,634 shares during the last quarter. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

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.