Perpetua Resources (NASDAQ:PPTA) Sets New 1-Year High - Should You Buy?

Key Points

• Perpetua Resources Corp. achieved a new 52-week high with its share price reaching $28.25 during recent trading sessions, despite closing at $27.42.
• Recent analyst reports show a mix of ratings for the stock, with B. Riley raising its price target to $25.00 and multiple firms predicting a positive outlook for the company.
• Insider activity includes significant share sales by company executives, with Jonathan Cherry and Michael Stephen Wright reducing their holdings considerably.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $28.25 and last traded at $27.42, with a volume of 890460 shares traded. The stock had previously closed at $25.79.

Analyst Ratings Changes

PPTA has been the topic of a number of recent analyst reports. B. Riley increased their price target on shares of Perpetua Resources from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. UBS Group set a $30.00 price target on Perpetua Resources in a research note on Thursday. Royal Bank Of Canada started coverage on shares of Perpetua Resources in a research note on Friday, July 18th. They issued an "outperform" rating and a $23.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $30.00 price objective on shares of Perpetua Resources in a research note on Tuesday, September 23rd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $25.40.

Perpetua Resources Price Performance

The company has a 50 day moving average of $18.81 and a 200-day moving average of $15.49. The company has a market capitalization of $2.96 billion, a P/E ratio of -88.22 and a beta of 0.01.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. Research analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity

In other Perpetua Resources news, insider Jonathan Cherry sold 14,911 shares of the stock in a transaction on Monday, October 6th. The stock was sold at an average price of $23.72, for a total transaction of $353,688.92. Following the sale, the insider owned 36,249 shares in the company, valued at approximately $859,826.28. This represents a 29.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Stephen Wright sold 10,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $18.31, for a total value of $183,100.00. Following the transaction, the insider directly owned 14,195 shares in the company, valued at approximately $259,910.45. This represents a 41.33% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Institutional Trading of Perpetua Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paulson & CO. Inc. increased its holdings in shares of Perpetua Resources by 30.6% in the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company's stock valued at $392,696,000 after purchasing an additional 7,575,757 shares during the period. Encompass Capital Advisors LLC increased its stake in Perpetua Resources by 145.0% during the second quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company's stock valued at $43,806,000 after acquiring an additional 2,135,478 shares during the period. Sprott Inc. boosted its holdings in Perpetua Resources by 15.5% during the first quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock valued at $36,297,000 after purchasing an additional 456,524 shares in the last quarter. Millennium Management LLC boosted its position in Perpetua Resources by 219.0% in the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after buying an additional 811,363 shares in the last quarter. Finally, Monaco Asset Management SAM acquired a new stake in Perpetua Resources during the 2nd quarter valued at $12,662,000. 70.07% of the stock is owned by institutional investors and hedge funds.

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.

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