Perpetua Resources (NASDAQ:PPTA) Shares Down 13.4% - Here's What Happened

Key Points

• Perpetua Resources Corp. shares decreased by 13.4%, dropping from a previous close of $27.27 to $23.62 during trading on Tuesday, with a trading volume decline of 46% from the average.
• Despite the recent drop, analysts maintain a generally positive outlook, with HC Wainwright and Roth Capital reaffirming "buy" ratings and target prices of $30.00 and $25.00, respectively.
• Insider Jonathan Cherry sold 14,911 shares at an average price of $23.72, leading to a 29.15% decrease in his position in the company.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s share price was down 13.4% during trading on Tuesday . The company traded as low as $23.80 and last traded at $23.62. Approximately 1,103,677 shares traded hands during trading, a decline of 46% from the average daily volume of 2,054,429 shares. The stock had previously closed at $27.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PPTA shares. HC Wainwright reaffirmed a "buy" rating and set a $30.00 target price on shares of Perpetua Resources in a report on Tuesday, September 23rd. BMO Capital Markets started coverage on Perpetua Resources in a report on Tuesday, October 14th. They set an "outperform" rating for the company. Roth Capital reaffirmed a "buy" rating on shares of Perpetua Resources in a report on Monday, September 22nd. B. Riley lifted their target price on Perpetua Resources from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Finally, Wall Street Zen downgraded Perpetua Resources from a "hold" rating to a "sell" rating in a report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $25.40.

Perpetua Resources Price Performance

The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -76.93 and a beta of 0.01. The stock has a fifty day simple moving average of $20.02 and a 200-day simple moving average of $16.18.

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

Insider Activity at Perpetua Resources

In other news, insider Jonathan Cherry sold 14,911 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 36,249 shares of the company's stock, valued at $859,826.28. This represents a 29.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Stephen Wright sold 10,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $259,910.45. The trade was a 41.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Perpetua Resources

Several large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of Perpetua Resources by 4.6% during the second quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company's stock worth $193,000 after purchasing an additional 697 shares in the last quarter. Corebridge Financial Inc. increased its position in shares of Perpetua Resources by 7.8% during the first quarter. Corebridge Financial Inc. now owns 20,644 shares of the company's stock worth $221,000 after purchasing an additional 1,498 shares in the last quarter. Private Trust Co. NA purchased a new stake in shares of Perpetua Resources during the third quarter worth approximately $35,000. AQR Capital Management LLC increased its position in shares of Perpetua Resources by 12.6% during the first quarter. AQR Capital Management LLC now owns 15,909 shares of the company's stock worth $170,000 after purchasing an additional 1,780 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Perpetua Resources by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company's stock worth $1,164,000 after purchasing an additional 1,835 shares in the last quarter. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

Perpetua Resources Company Profile

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.