Perpetua Resources (NASDAQ:PPTA) Posts Quarterly Earnings Results, Misses Estimates By $0.21 EPS

Key Points

• Perpetua Resources reported quarterly earnings of ($0.39) per share, missing Wall Street’s estimate of ($0.18) by $0.21.
• The stock rose 4.7% on Monday to $31.36, despite the earnings miss, and has traded between a 52-week low of $11.22 and high of $37.37.
• Analyst sentiment remains mixed but generally positive, with a Moderate Buy consensus and an average price target of $35.00, even as some firms issued bearish calls.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) issued its earnings results on Monday. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.21), Zacks reports.

Perpetua Resources Stock Up 4.7%

Shares of NASDAQ:PPTA traded up $1.41 during trading on Monday, reaching $31.36. 785,005 shares of the company traded hands, compared to its average volume of 1,703,849. The company's 50 day moving average is $30.07 and its two-hundred day moving average is $28.03. The firm has a market capitalization of $3.92 billion, a PE ratio of -29.80 and a beta of 0.02. Perpetua Resources has a 52 week low of $11.22 and a 52 week high of $37.37.

Insiders Place Their Bets

In other news, insider Mckinsey Margaret Lyon sold 8,699 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $29.53, for a total transaction of $256,881.47. Following the completion of the sale, the insider directly owned 142,329 shares in the company, valued at approximately $4,202,975.37. This represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan Cherry sold 4,079 shares of the company's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total value of $119,555.49. Following the sale, the insider owned 44,895 shares of the company's stock, valued at approximately $1,315,872.45. The trade was a 8.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 56,500 shares of company stock valued at $1,581,853. Corporate insiders own 0.57% of the company's stock.

Institutional Trading of Perpetua Resources

A number of institutional investors have recently modified their holdings of PPTA. JPMorgan Chase & Co. lifted its position in shares of Perpetua Resources by 3,107.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company's stock valued at $70,471,000 after acquiring an additional 2,820,067 shares during the period. Alyeska Investment Group L.P. lifted its position in shares of Perpetua Resources by 40.4% during the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company's stock valued at $92,678,000 after acquiring an additional 1,318,008 shares during the period. Vanguard Group Inc. lifted its position in shares of Perpetua Resources by 165.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,912,040 shares of the company's stock valued at $38,685,000 after acquiring an additional 1,192,744 shares during the period. Millennium Management LLC lifted 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 period. Finally, Two Sigma Investments LP lifted its position in shares of Perpetua Resources by 2,549.6% during the 3rd quarter. Two Sigma Investments LP now owns 403,029 shares of the company's stock valued at $8,153,000 after acquiring an additional 387,818 shares during the period. 70.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. B. Riley Financial boosted their price target on Perpetua Resources from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, March 18th. HC Wainwright restated a "buy" rating and issued a $41.00 price target on shares of Perpetua Resources in a research note on Wednesday, April 8th. Zacks Research downgraded Perpetua Resources from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Tuesday, April 21st. Six research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

About Perpetua Resources

Perpetua Resources Inc NASDAQ: PPTA, formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.

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