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

Key Points

• Perpetua Resources Corp.'s stock price surged from a previous close of $19.00 to an opening of $19.79, with shares last trading at $21.01, reflecting strong market activity with over 4.1 million shares exchanged.
• Analyst ratings have improved for PPTA, with Royal Bank Of Canada and HC Wainwright issuing "outperform" and "buy" ratings respectively, and the stock now has an average price target of $23.75.
• Insider selling activity was noted, with Michael Stephen Wright selling 10,000 shares at $18.31, indicating a 41.33% decrease in his ownership in the company.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $19.00, but opened at $19.79. Perpetua Resources shares last traded at $21.01, with a volume of 4,186,822 shares changing hands.

Analyst Ratings Changes

PPTA has been the subject of a number of analyst reports. Royal Bank Of Canada initiated coverage on Perpetua Resources in a report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price target for the company. Roth Capital reissued a "buy" rating on shares of Perpetua Resources in a report on Monday. Wall Street Zen raised Perpetua Resources from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Perpetua Resources in a report on Tuesday. Finally, B. Riley boosted their price target on Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $23.75.

Perpetua Resources Stock Up 13.1%

The stock has a market capitalization of $2.31 billion and a PE ratio of -69.09. The company has a 50-day moving average of $17.45 and a 200 day moving average of $14.52.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.06. As a group, equities analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity at Perpetua Resources

In related news, insider Michael Stephen Wright sold 10,000 shares of the business'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 completion of the sale, the insider directly owned 14,195 shares in the company, valued at approximately $259,910.45. The trade was a 41.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.

Institutional Trading of Perpetua Resources

Several large investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its holdings in Perpetua Resources by 157.2% in the 2nd quarter. Osaic Holdings Inc. now owns 17,546 shares of the company's stock valued at $213,000 after buying an additional 10,723 shares in the last quarter. NewGen Asset Management Ltd purchased a new stake in Perpetua Resources in the 2nd quarter valued at $3,338,000. Tower Research Capital LLC TRC grew its holdings in Perpetua Resources by 4.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company's stock valued at $193,000 after buying an additional 697 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Perpetua Resources in the 2nd quarter valued at $201,000. Finally, Oxford Asset Management LLP purchased a new stake in Perpetua Resources in the 2nd quarter valued at $157,000. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

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.

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