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

Key Points

• Shares of Perpetua Resources Corp. gapped down from a closing price of $28.00 to an opening price of $25.76 on Friday, currently trading at $25.63.
• Wall Street analysts have mixed ratings for the stock, with one Strong Buy, seven Buy, and one Sell rating, while the average target price sits at $25.40.
• Insider Jonathan Cherry sold 14,911 shares for approximately $353,689, indicating a significant decrease in personal ownership of the stock.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $28.00, but opened at $25.76. Perpetua Resources shares last traded at $25.63, with a volume of 1,491,636 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Wall Street Zen raised shares of Perpetua Resources from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. Roth Capital reaffirmed a "buy" rating on shares of Perpetua Resources in a research note on Monday, September 22nd. B. Riley increased their price target on shares of Perpetua Resources from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. BMO Capital Markets initiated coverage on shares of Perpetua Resources in a research report on Tuesday. They issued an "outperform" rating for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $30.00 price target on shares of Perpetua Resources in a report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.40.

Perpetua Resources Stock Performance

The stock has a market cap of $2.72 billion, a price-to-earnings ratio of -81.96 and a beta of 0.01. The company's 50 day simple moving average is $19.65 and its 200 day simple moving average is $15.88.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.06. Sell-side analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Activity

In other Perpetua Resources news, insider Jonathan Cherry sold 14,911 shares of the firm's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $23.72, for a total value of $353,688.92. Following the completion of the transaction, the insider directly owned 36,249 shares in the company, valued at $859,826.28. This trade represents a 29.15% decrease in their ownership of the stock. 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 firm'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 transaction of $183,100.00. Following the sale, the insider owned 14,195 shares of the company's stock, valued at approximately $259,910.45. This represents a 41.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.50% of the company's stock.

Institutional Trading of Perpetua Resources

A number of institutional investors have recently added to or reduced their stakes in PPTA. GAMMA Investing LLC lifted its stake in Perpetua Resources by 1,658.4% in the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock valued at $46,000 after acquiring an additional 4,063 shares during the last quarter. Rhumbline Advisers raised its position in shares of Perpetua Resources by 6.0% in the first quarter. Rhumbline Advisers now owns 64,688 shares of the company's stock valued at $692,000 after purchasing an additional 3,672 shares during the period. Continuum Advisory LLC raised its position in shares of Perpetua Resources by 72.9% in the first quarter. Continuum Advisory LLC now owns 8,300 shares of the company's stock valued at $89,000 after purchasing an additional 3,500 shares during the period. North Capital Inc. bought a new position in shares of Perpetua Resources in the first quarter valued at approximately $53,000. Finally, Bank of New York Mellon Corp raised its position in shares of Perpetua Resources by 12.4% in the first quarter. Bank of New York Mellon Corp now owns 91,435 shares of the company's stock valued at $977,000 after purchasing an additional 10,078 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.

About Perpetua Resources

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.