Perpetua Resources (NASDAQ:PPTA) Sees Large Volume Increase - Still a Buy?

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 1,749,617 shares were traded during mid-day trading, an increase of 76% from the previous session's volume of 994,510 shares.The stock last traded at $13.05 and had previously closed at $12.46.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PPTA shares. B. Riley restated a "buy" rating and issued a $17.00 price target (up from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. National Bank Financial raised shares of Perpetua Resources to a "strong-buy" rating in a research note on Friday, March 21st. National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, HC Wainwright restated a "buy" rating and set a $27.50 target price on shares of Perpetua Resources in a report on Tuesday, June 17th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $21.17.

Perpetua Resources Stock Up 11.6%

The firm's 50-day moving average price is $13.80 and its two-hundred day moving average price is $12.06. The firm has a market capitalization of $1.40 billion, a PE ratio of -50.28 and a beta of -0.04.

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

Insider Activity

In related news, insider Michael Stephen Wright sold 6,500 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $13.85, for a total transaction of $90,025.00. Following the transaction, the insider owned 14,195 shares in the company, valued at $196,600.75. This represents a 31.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the transaction, the insider directly owned 32,347,299 shares in the company, valued at $426,984,346.80. This trade represents a 30.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Perpetua Resources in the fourth quarter valued at about $280,000. Amundi bought a new position in shares of Perpetua Resources during the 4th quarter worth approximately $7,788,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Perpetua Resources during the fourth quarter worth approximately $1,307,000. Arrien Investments Inc. bought a new position in shares of Perpetua Resources in the 4th quarter worth $572,000. Finally, Sei Investments Co. raised its position in Perpetua Resources by 11.4% in the 4th quarter. Sei Investments Co. now owns 94,024 shares of the company's stock valued at $1,003,000 after buying an additional 9,617 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.