Perpetua Resources (NASDAQ:PPTA) Shares Gap Down - Should You Sell?

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 trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on PPTA. National Bank Financial upgraded shares of Perpetua Resources to a "strong-buy" rating in a research note on Friday, March 21st. HC Wainwright reissued a "buy" rating and set a $27.50 price objective on shares of Perpetua Resources in a research report on Tuesday, June 17th. B. Riley restated a "buy" rating and issued a $17.00 target price (up previously from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $21.17.

Perpetua Resources Stock Up 2.4%

The company's 50-day simple moving average is $14.04 and its 200 day simple moving average is $12.04. The company has a market capitalization of $1.17 billion, a P/E ratio of -41.86 and a beta of 0.02.

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

Insiders Place Their Bets

In other news, insider Michael Stephen Wright sold 6,500 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $13.85, for a total value of $90,025.00. Following the sale, the insider directly owned 14,195 shares of the company's stock, valued at approximately $196,600.75. This trade represents a 31.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the company's stock in a transaction dated 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 completion of the purchase, the insider directly owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. This trade represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Perpetua Resources

Several hedge funds have recently modified their holdings of the business. Ancora Advisors LLC bought a new position in Perpetua Resources during the fourth quarter worth $37,000. GAMMA Investing LLC raised its position in shares of Perpetua Resources by 1,658.4% during the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock valued at $46,000 after buying an additional 4,063 shares during the last quarter. North Capital Inc. bought a new stake in shares of Perpetua Resources in the first quarter valued at about $53,000. BNP Paribas Financial Markets bought a new position in Perpetua Resources during the fourth quarter valued at about $55,000. Finally, Quantbot Technologies LP bought a new stake in shares of Perpetua Resources in the 1st quarter worth approximately $76,000. 70.07% of the stock is owned by 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.