Perpetua Resources (NASDAQ:PPTA) Sees Large Volume Increase - Here's Why

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) saw strong trading volume on Friday . 1,589,129 shares changed hands during mid-day trading, an increase of 41% from the previous session's volume of 1,126,173 shares.The stock last traded at $17.06 and had previously closed at $15.87.

Wall Street Analyst Weigh In

PPTA has been the topic of a number of recent research reports. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright reissued a "buy" rating and issued a $27.50 target price on shares of Perpetua Resources in a research note on Tuesday, June 17th. Royal Bank Of Canada initiated coverage on Perpetua Resources in a research note on Friday. They issued an "outperform" rating and a $23.00 target price on the stock. Finally, B. Riley reissued a "buy" rating and issued a $17.00 target price (up from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $21.63.

Perpetua Resources Stock Up 4.3%

The firm has a 50 day moving average price of $13.87 and a 200 day moving average price of $12.29. The stock has a market cap of $1.93 billion, a P/E ratio of -61.74 and a beta of -0.04.

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

Insider Activity at Perpetua Resources

In other Perpetua Resources 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 price of $13.20 per share, with a total value of $99,999,992.40. Following the purchase, the insider owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. This trade represents a 30.58% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Stephen Wright sold 6,500 shares of Perpetua Resources 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 directly owned 14,195 shares in the company, valued at $196,600.75. This trade represents a 31.41% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC bought a new stake in shares of Perpetua Resources during the 1st quarter worth approximately $15,745,000. Millennium Management LLC lifted its stake 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 worth $12,634,000 after acquiring an additional 811,363 shares during the last quarter. Sprott Inc. lifted its stake in shares of Perpetua Resources by 15.5% during the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock worth $36,297,000 after acquiring an additional 456,524 shares during the last quarter. Amundi lifted its stake in shares of Perpetua Resources by 39.4% during the 1st quarter. Amundi now owns 1,017,573 shares of the company's stock worth $11,397,000 after acquiring an additional 287,664 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Perpetua Resources during the 1st quarter worth approximately $2,734,000. Hedge funds and other institutional investors own 70.07% of the company's stock.

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.