Perpetua Resources (NASDAQ:PPTA) Trading Down 5.2% - Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) shares fell 5.2% during trading on Wednesday . The company traded as low as $16.55 and last traded at $16.87. 2,089,408 shares traded hands during trading, an increase of 78% from the average session volume of 1,174,878 shares. The stock had previously closed at $17.79.

Analysts Set New Price Targets

A number of brokerages have commented on PPTA. Royal Bank Of Canada began coverage on Perpetua Resources in a research report on Friday, July 18th. They set an "outperform" rating and a $23.00 price target for the company. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $27.50 price target on shares of Perpetua Resources in a research report on Tuesday, June 17th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $21.63.

Perpetua Resources Stock Performance

The stock has a 50 day simple moving average of $14.38 and a two-hundred day simple moving average of $12.46. The firm has a market cap of $1.74 billion, a PE ratio of -55.90 and a beta of -0.04.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The company reported ($0.12) earnings per share 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 earnings per share for the current year.

Insider Buying and Selling at Perpetua Resources

In related news, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of Perpetua Resources stock in a transaction on Monday, June 16th. The stock was acquired at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the purchase, the insider owned 32,347,299 shares of the company's stock, valued at approximately $426,984,346.80. This represents a 30.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently modified their holdings of PPTA. Raymond James Financial Inc. purchased a new position in shares of Perpetua Resources in the 4th quarter valued at about $280,000. Sei Investments Co. increased its stake in shares of 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 purchasing an additional 9,617 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Perpetua Resources by 1,618.3% in the 4th quarter. National Bank of Canada FI now owns 43,197 shares of the company's stock valued at $462,000 after purchasing an additional 40,683 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Perpetua Resources by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 489,958 shares of the company's stock valued at $5,228,000 after purchasing an additional 5,129 shares in the last quarter. Finally, Trexquant Investment LP increased its stake in shares of Perpetua Resources by 189.2% in the 4th quarter. Trexquant Investment LP now owns 65,283 shares of the company's stock valued at $697,000 after purchasing an additional 42,711 shares in the last quarter. Hedge funds and other institutional investors own 70.07% of the company's stock.

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.