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

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $13.06, but opened at $13.62. Perpetua Resources shares last traded at $13.51, with a volume of 2,176,235 shares trading hands.

Analyst Upgrades and Downgrades

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

Perpetua Resources Stock Performance

The company has a 50 day moving average of $13.80 and a two-hundred day moving average of $12.12. The stock has a market cap of $1.53 billion, a PE ratio of -50.79 and a beta of -0.04.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted 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, equities research analysts anticipate that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Activity at Perpetua Resources

In other Perpetua Resources news, insider Michael Stephen Wright sold 6,500 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $13.85, for a total transaction of $90,025.00. Following the completion of the sale, the insider directly owned 14,195 shares in the company, valued at approximately $196,600.75. The trade was a 31.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the business's stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the purchase, the insider owned 32,347,299 shares in the company, valued at $426,984,346.80. This represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perpetua Resources

A number of large investors have recently made changes to their positions in PPTA. Raymond James Financial Inc. purchased a new stake in shares of Perpetua Resources in the fourth quarter valued at approximately $280,000. Amundi purchased a new stake in shares of Perpetua Resources in the fourth quarter valued at approximately $7,788,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Perpetua Resources in the fourth quarter valued at approximately $1,307,000. Arrien Investments Inc. purchased a new stake in shares of Perpetua Resources in the fourth quarter valued at approximately $572,000. Finally, Sei Investments Co. grew its position in shares of Perpetua Resources by 11.4% in the fourth quarter. Sei Investments Co. now owns 94,024 shares of the company's stock valued at $1,003,000 after purchasing an additional 9,617 shares in the last quarter. 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.