Perpetua Resources (NASDAQ:PPTA) Shares Gap Up - Time to Buy?

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $13.20, but opened at $13.54. Perpetua Resources shares last traded at $13.57, with a volume of 154,700 shares trading hands.

Analysts Set New Price Targets

PPTA has been the subject of a number of recent research reports. HC Wainwright decreased their price target on shares of Perpetua Resources from $28.00 to $27.50 and set a "buy" rating for the company in a research note on Tuesday, May 13th. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, April 2nd. Finally, National Bank Financial upgraded Perpetua Resources to a "strong-buy" rating in a research note on Friday, March 21st.

Perpetua Resources Stock Performance

The firm has a market capitalization of $977.26 million, a P/E ratio of -62.07 and a beta of 0.06. The firm has a 50 day simple moving average of $12.42 and a two-hundred day simple moving average of $11.27.

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). Sell-side analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share for the current year.

Insider Buying and Selling at Perpetua Resources

In other news, insider Michael Stephen Wright sold 6,500 shares of Perpetua Resources 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 completion of the transaction, the insider now owns 14,195 shares in the company, valued at $196,600.75. This trade represents a 31.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mckinsey Margaret Lyon sold 22,710 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $8.82, for a total value of $200,302.20. Following the completion of the transaction, the insider now directly owns 89,154 shares of the company's stock, valued at $786,338.28. The trade was a 20.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,210 shares of company stock worth $510,327 over the last three months. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perpetua Resources

A number of institutional investors and hedge funds have recently modified their holdings of PPTA. Encompass Capital Advisors LLC purchased a new position in shares of Perpetua Resources during the first quarter worth about $15,745,000. Millennium Management LLC raised its holdings in Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after buying an additional 811,363 shares during the last quarter. Amundi bought a new stake in Perpetua Resources during the 4th quarter valued at $7,788,000. Sprott Inc. increased its holdings in Perpetua Resources by 15.5% during the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock valued at $36,297,000 after purchasing an additional 456,524 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Perpetua Resources in the first quarter valued at $2,734,000. 70.07% of the stock is 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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