HC Wainwright Raises Perpetua Resources (NASDAQ:PPTA) Price Target to $30.00

Key Points

• HC Wainwright analysts increased their price target for Perpetua Resources (NASDAQ:PPTA) from $27.50 to $30.00, suggesting a potential upside of 71.14% from the current price.
• Perpetua Resources stock currently has a consensus rating of "Buy", with five analysts giving it a buy rating and an average price target of $22.25.
• The company recently reported quarterly earnings surpassing expectations, with an earnings per share of ($0.08), better than the consensus estimate of ($0.14).

Perpetua Resources (NASDAQ:PPTA - Free Report) had its price target increased by HC Wainwright from $27.50 to $30.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Royal Bank Of Canada started coverage on Perpetua Resources in a research report on Friday, July 18th. They issued an "outperform" rating and a $23.00 price target on the stock. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (up previously from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, Perpetua Resources presently has an average rating of "Buy" and an average price target of $22.25.

Perpetua Resources Trading Up 2.6%

NASDAQ PPTA traded up $0.43 on Friday, reaching $16.78. The company's stock had a trading volume of 512,065 shares, compared to its average volume of 1,707,390. Perpetua Resources has a 52 week low of $7.61 and a 52 week high of $18.10. The firm has a market cap of $1.81 billion, a PE ratio of -54.11 and a beta of -0.02. The business has a 50-day moving average price of $14.93 and a 200 day moving average price of $13.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. Analysts anticipate that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Insider Activity at Perpetua Resources

In other news, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired 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 directly owned 32,347,299 shares of the company's stock, valued at $426,984,346.80. The trade was a 30.58% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PPTA. Geode Capital Management LLC grew its position in shares of Perpetua Resources by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 489,958 shares of the company's stock worth $5,228,000 after buying an additional 5,129 shares during the period. Wells Fargo & Company MN grew its holdings in Perpetua Resources by 57.2% during the 4th quarter. Wells Fargo & Company MN now owns 18,644 shares of the company's stock worth $199,000 after acquiring an additional 6,783 shares during the period. Bank of Montreal Can raised its position in shares of Perpetua Resources by 1.6% during the 4th quarter. Bank of Montreal Can now owns 67,594 shares of the company's stock valued at $721,000 after acquiring an additional 1,054 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Perpetua Resources during the 4th quarter valued at $280,000. Finally, Barclays PLC lifted its stake in shares of Perpetua Resources by 167.6% in the 4th quarter. Barclays PLC now owns 198,340 shares of the company's stock valued at $2,115,000 after purchasing an additional 124,221 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.

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.