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

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

Wall Street Analysts Forecast Growth

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

Perpetua Resources Stock Performance

The stock has a 50-day moving average of $14.29 and a 200-day moving average of $12.43. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -55.66 and a beta of -0.04.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced 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). Sell-side analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Transactions at Perpetua Resources

In other news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the transaction, the insider owned 32,347,299 shares in the company, valued at $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PPTA. Lowe Wealth Advisors LLC acquired a new position in shares of Perpetua Resources during the 2nd quarter worth approximately $26,000. Ancora Advisors LLC acquired a new position in shares of Perpetua Resources during the 4th quarter worth approximately $37,000. GAMMA Investing LLC increased its holdings in shares of Perpetua Resources by 1,658.4% during the 1st quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock worth $46,000 after acquiring an additional 4,063 shares during the last quarter. North Capital Inc. acquired a new position in shares of Perpetua Resources during the 1st quarter worth approximately $53,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Perpetua Resources during the 4th quarter worth approximately $55,000. Institutional investors and hedge funds 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.