Perpetua Resources (NASDAQ:PPTA) Shares Down 4.6% - Here's Why

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.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. B. Riley lifted their price target on shares of Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. Royal Bank Of Canada started coverage on shares of Perpetua Resources in a research note on Friday, July 18th. They issued an "outperform" rating and a $23.00 target price for the company. Wall Street Zen raised shares of Perpetua Resources from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, HC Wainwright boosted their price target on shares of Perpetua Resources from $27.50 to $30.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat, Perpetua Resources currently has an average rating of "Buy" and an average price target of $23.75.

Perpetua Resources Price Performance

The stock's 50-day moving average price is $17.15 and its 200 day moving average price is $14.24. The firm has a market cap of $1.97 billion and a P/E ratio of -59.06.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. As a group, 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 business's stock in a transaction 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 owned 14,195 shares of the company's stock, valued at $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 SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Perpetua Resources

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