Perpetua Resources (NASDAQ:PPTA) Stock Price Expected to Rise, HC Wainwright Analyst Says

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 - Get Free Report) had its target price upped by analysts at HC Wainwright from $27.50 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price objective points to a potential upside of 71.14% from the company's current price.

A number of other analysts also recently weighed in on PPTA. B. Riley reiterated a "buy" rating and set a $17.00 price target (up from $16.00) on shares of Perpetua Resources in a report on Wednesday, June 18th. Royal Bank Of Canada initiated coverage on Perpetua Resources in a research note on Friday, July 18th. They issued an "outperform" rating and a $23.00 target price for the company. Finally, National Bankshares restated an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Perpetua Resources has a consensus rating of "Buy" and an average price target of $22.25.

Perpetua Resources Trading Up 2.9%

Shares of Perpetua Resources stock opened at $17.53 on Friday. The business has a 50-day moving average price of $14.92 and a two-hundred day moving average price of $12.89. Perpetua Resources has a 1-year low of $6.70 and a 1-year high of $18.04. The company has a market cap of $1.89 billion, a P/E ratio of -56.55 and a beta of -0.02.

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

Insider Activity at Perpetua Resources

In other Perpetua Resources news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the stock in a transaction on 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 acquisition, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC purchased a new position in shares of Perpetua Resources during the 4th quarter valued at $116,000. Rhumbline Advisers grew its position in shares of Perpetua Resources by 6.0% during the 1st quarter. Rhumbline Advisers now owns 64,688 shares of the company's stock valued at $692,000 after purchasing an additional 3,672 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Perpetua Resources during the 4th quarter valued at $55,000. Raymond James Financial Inc. purchased a new position in shares of Perpetua Resources during the 4th quarter valued at $280,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Perpetua Resources by 387.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 67,483 shares of the company's stock valued at $720,000 after purchasing an additional 53,634 shares in the last quarter. 70.07% of the stock is currently 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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