B. Riley Forecasts Strong Price Appreciation for Perpetua Resources (NASDAQ:PPTA) Stock

Key Points

• B. Riley has raised its price target for Perpetua Resources (NASDAQ:PPTA) from $17.00 to $23.00, indicating a potential upside of 37.64% from its current price.
• Analysts have a consensus rating of Buy for PPTA, with an average price target of $23.75.
• Insider Paulson & Co. Inc. increased its stake in Perpetua Resources by 30.6% after purchasing over 7.5 million shares at $13.20 each.

Perpetua Resources (NASDAQ:PPTA - Free Report) had its price objective boosted by B. Riley from $17.00 to $23.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. B. Riley currently has a buy rating on the stock.

A number of other research firms have also weighed in on PPTA. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright upped their price objective on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a report on Friday, August 15th. Finally, Royal Bank Of Canada began coverage on shares of Perpetua Resources in a research report on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, Perpetua Resources has an average rating of "Buy" and an average price target of $23.75.

Perpetua Resources Trading Up 2.1%

Perpetua Resources stock traded up $0.36 during midday trading on Wednesday, hitting $17.68. The stock had a trading volume of 1,087,106 shares, compared to its average volume of 1,748,109. The company has a market capitalization of $1.90 billion and a PE ratio of -56.95. Perpetua Resources has a 52-week low of $7.81 and a 52-week high of $19.75. The firm's fifty day moving average is $16.76 and its two-hundred day moving average is $14.00.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings data 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. As a group, equities research analysts predict that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Perpetua Resources

In other news, insider Michael Stephen Wright sold 10,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Perpetua Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Lowe Wealth Advisors LLC purchased a new position in Perpetua Resources during the 2nd quarter worth approximately $26,000. Steward Partners Investment Advisory LLC purchased a new stake in Perpetua Resources in the 2nd quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Perpetua Resources in the 2nd quarter valued at approximately $39,000. GAMMA Investing LLC grew its holdings in Perpetua Resources by 1,658.4% during the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock worth $46,000 after acquiring an additional 4,063 shares during the period. Finally, North Capital Inc. purchased a new position in Perpetua Resources in the first quarter worth $53,000. 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.