Perpetua Resources (NASDAQ:PPTA) Shares Up 6.3% Following Analyst Upgrade

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) rose 6.3% during mid-day trading on Wednesday after National Bank Financial upgraded the stock to a strong-buy rating. The stock traded as high as $13.90 and last traded at $13.89. Approximately 2,969,159 shares traded hands during mid-day trading, an increase of 137% from the average daily volume of 1,254,169 shares. The stock had previously closed at $13.07.

A number of other research firms have also weighed in on PPTA. Roth Mkm raised their target price on Perpetua Resources from $15.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, January 7th. HC Wainwright boosted their price target on shares of Perpetua Resources from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Friday, March 21st. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $21.17.

Insider Buying and Selling

In related news, insider Michael Stephen Wright sold 6,500 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $13.85, for a total transaction of $90,025.00. Following the sale, the insider now directly owns 14,195 shares in the company, valued at approximately $196,600.75. This represents a 31.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average cost of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the acquisition, the insider now owns 32,347,299 shares in the company, valued at $426,984,346.80. This trade represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Perpetua Resources

Institutional investors have recently made changes to their positions in the stock. Sprott Inc. increased its holdings in Perpetua Resources by 15.5% during the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company's stock worth $36,297,000 after acquiring an additional 456,524 shares during the period. Encompass Capital Advisors LLC bought a new position in shares of Perpetua Resources in the first quarter worth approximately $15,745,000. Millennium Management LLC increased its position in shares of Perpetua Resources by 219.0% in the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after purchasing an additional 811,363 shares during the last quarter. Amundi raised its stake in Perpetua Resources by 39.4% in the first quarter. Amundi now owns 1,017,573 shares of the company's stock valued at $11,397,000 after purchasing an additional 287,664 shares in the last quarter. Finally, Condire Management LP grew its stake in Perpetua Resources by 6.9% in the 4th quarter. Condire Management LP now owns 890,459 shares of the company's stock worth $9,501,000 after buying an additional 57,399 shares in the last quarter. Hedge funds and other institutional investors own 70.07% of the company's stock.

Perpetua Resources Stock Performance

The stock's 50 day simple moving average is $14.10 and its 200 day simple moving average is $12.01. The firm has a market cap of $929.30 million, a PE ratio of -44.79 and a beta of 0.02.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). As a group, analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share for the current year.

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.