Perpetua Resources (NASDAQ:PPTA) Stock Price Down 4.6% - What's Next?

Key Points

• Perpetua Resources shares declined by 4.6% to $17.18, a drop from the previous close of $18.01, with trading volume significantly lower than average.
• Analysts have a consensus buy rating for PPTA, with several firms raising their price targets, including B. Riley and HC Wainwright, now projecting prices of $23.00 and $30.00 respectively.
• Insider activity has seen notable sales, with Michael Stephen Wright selling 10,000 shares at an average price of $18.31, representing a 41.33% reduction in his stake in the company.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) shares fell 4.6% during trading on Tuesday . The stock traded as low as $17.10 and last traded at $17.18. 1,039,629 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 1,750,095 shares. The stock had previously closed at $18.01.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PPTA. B. Riley increased their price objective on shares of Perpetua Resources from $17.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. HC Wainwright raised their target price on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Royal Bank Of Canada began coverage on Perpetua Resources in a report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price objective for the company. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $23.75.

Perpetua Resources Stock Down 6.1%

The company's fifty day moving average is $16.86 and its 200 day moving average is $14.07. The firm has a market cap of $1.82 billion and a price-to-earnings ratio of -54.53.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.06. On average, equities research analysts forecast that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity at Perpetua Resources

In other news, insider Michael Stephen Wright sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total value of $183,100.00. Following the sale, the insider directly owned 14,195 shares in the company, valued at approximately $259,910.45. This trade represents a 41.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

Hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp lifted its stake in shares of Perpetua Resources by 2.1% in the fourth quarter. Northern Trust Corp now owns 238,779 shares of the company's stock worth $2,548,000 after acquiring an additional 4,816 shares during the period. BNP Paribas Financial Markets bought a new stake in Perpetua Resources in the fourth quarter worth approximately $55,000. Bank of America Corp DE boosted its holdings in shares of Perpetua Resources by 13.7% during the 4th quarter. Bank of America Corp DE now owns 55,413 shares of the company's stock worth $591,000 after buying an additional 6,661 shares in the last quarter. Deutsche Bank AG grew its position in shares of Perpetua Resources by 64.0% during the 4th quarter. Deutsche Bank AG now owns 30,891 shares of the company's stock worth $330,000 after buying an additional 12,060 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Perpetua Resources by 186.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,278 shares of the company's stock valued at $644,000 after acquiring an additional 39,219 shares in the last quarter. 70.07% of the stock is currently owned by institutional investors and hedge funds.

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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