Perpetua Resources (NASDAQ:PPTA) Reaches New 52-Week High - Time to Buy?

Key Points

• Perpetua Resources shares reached a new 52-week high of $19.84, reflecting strong trading activity with 473,212 shares changing hands.
• Recent analyst recommendations show a positive outlook, with multiple firms issuing "buy" ratings and a consensus price target of $23.75 for the stock.
• Insider Michael Stephen Wright sold 10,000 shares, reducing his stake by 41.33%, indicating notable insider activity during this period.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $19.84 and last traded at $19.30, with a volume of 473212 shares trading hands. The stock had previously closed at $18.86.

Analyst Upgrades and Downgrades

PPTA has been the subject of a number of recent analyst reports. Roth Capital reiterated a "buy" rating on shares of Perpetua Resources in a research note on Monday. B. Riley raised their target price on shares of Perpetua Resources from $17.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Perpetua Resources in a research note on Tuesday. Finally, Royal Bank Of Canada assumed coverage on shares of Perpetua Resources in a research note on Friday, July 18th. They set an "outperform" rating and a $23.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $23.75.

Perpetua Resources Stock Performance

The company has a market capitalization of $2.09 billion and a P/E ratio of -62.62. The firm's fifty day moving average is $17.24 and its 200-day moving average is $14.38.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.06. As a group, analysts expect that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael Stephen Wright sold 10,000 shares of Perpetua Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total transaction of $183,100.00. Following the sale, the insider directly owned 14,195 shares of the company's stock, valued at approximately $259,910.45. The trade was a 41.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

A number of institutional investors have recently added to or reduced their stakes in PPTA. Paulson & CO. Inc. grew its holdings in Perpetua Resources by 30.6% during the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company's stock worth $392,696,000 after acquiring an additional 7,575,757 shares during the last quarter. Encompass Capital Advisors LLC grew its holdings in Perpetua Resources by 145.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company's stock worth $43,806,000 after acquiring an additional 2,135,478 shares during the last quarter. Monaco Asset Management SAM bought a new stake in Perpetua Resources during the 2nd quarter worth approximately $12,662,000. Fourth Sail Capital LP bought a new stake in Perpetua Resources during the 2nd quarter worth approximately $12,185,000. Finally, Millennium Management LLC grew its holdings in Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after acquiring an additional 811,363 shares during the last quarter. 70.07% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.