Perpetua Resources (NASDAQ:PPTA) Shares Gap Down - Here's Why

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $12.89, but opened at $12.50. Perpetua Resources shares last traded at $11.93, with a volume of 2,002,689 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PPTA shares. National Bank Financial upgraded Perpetua Resources to a "strong-buy" rating in a research report on Friday, March 21st. HC Wainwright reissued a "buy" rating and issued a $27.50 price objective on shares of Perpetua Resources in a research note on Tuesday, June 17th. B. Riley restated a "buy" rating and issued a $17.00 price target (up from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Four 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, Perpetua Resources currently has an average rating of "Buy" and a consensus price target of $21.17.

Perpetua Resources Stock Performance

The business has a 50 day moving average price of $14.07 and a two-hundred day moving average price of $12.05. The stock has a market cap of $861.41 million, a PE ratio of -41.53 and a beta of 0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced 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). As a group, research analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Paulson & Co. Inc. bought 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, with a total value of $99,999,992.40. Following the acquisition, the insider now directly owns 32,347,299 shares of the company's stock, valued at $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Stephen Wright sold 6,500 shares of the company's stock in a transaction dated 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 now owns 14,195 shares in the company, valued at approximately $196,600.75. This represents a 31.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Perpetua Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Encompass Capital Advisors LLC purchased a new stake in shares of Perpetua Resources in the first quarter worth $15,745,000. Millennium Management LLC raised its holdings in shares of Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after acquiring an additional 811,363 shares in the last quarter. Amundi bought a new stake in shares of Perpetua Resources during the 4th quarter valued at about $7,788,000. Sprott Inc. grew its holdings in shares of Perpetua Resources by 15.5% during the first quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock worth $36,297,000 after purchasing an additional 456,524 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in shares of Perpetua Resources during the first quarter worth about $2,734,000. 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.

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