Perpetua Resources (NASDAQ:PPTA) Stock Price Up 6.7% - Here's What Happened

Key Points

• Perpetua Resources Corp. (NASDAQ:PPTA) shares increased by 6.7%, reaching a last trading price of $25.54, despite a significant decline in trading volume.
• Analysts have mixed ratings on the stock, with Roth Capital maintaining a "buy" rating, while Wall Street Zen upgraded it from "sell" to "hold."
• Insider selling activity was noted, with significant shares sold by Jonathan Cherry and Michael Stephen Wright, indicating a notable decrease in their ownership positions.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) rose 6.7% on Friday . The company traded as high as $25.90 and last traded at $25.54. Approximately 752,857 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,922,254 shares. The stock had previously closed at $23.94.

Analyst Upgrades and Downgrades

PPTA has been the topic of a number of analyst reports. Roth Capital reaffirmed a "buy" rating on shares of Perpetua Resources in a research note on Monday, September 22nd. Wall Street Zen raised Perpetua Resources from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. National Bankshares reaffirmed an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Perpetua Resources in a research note on Tuesday, September 23rd. Finally, Royal Bank Of Canada initiated coverage on Perpetua Resources in a research note on Friday, July 18th. They set an "outperform" rating and a $23.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $25.40.

Perpetua Resources Trading Up 9.8%

The business has a 50 day simple moving average of $18.60 and a 200-day simple moving average of $15.32. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -84.50 and a beta of 0.01.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. Research analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Activity

In other news, insider Jonathan Cherry sold 14,911 shares of Perpetua Resources stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $23.72, for a total value of $353,688.92. Following the transaction, the insider directly owned 36,249 shares of the company's stock, valued at $859,826.28. The trade was a 29.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael Stephen Wright sold 10,000 shares of Perpetua Resources stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total value of $183,100.00. Following the completion of the transaction, the insider directly owned 14,195 shares in the company, valued at $259,910.45. This represents a 41.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Perpetua Resources

Several hedge funds and other institutional investors have recently modified their holdings of PPTA. GAMMA Investing LLC lifted its stake in shares of Perpetua Resources by 1,658.4% in the 1st quarter. GAMMA Investing LLC now owns 4,308 shares of the company's stock valued at $46,000 after purchasing an additional 4,063 shares in the last quarter. Rhumbline Advisers raised its holdings 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 buying an additional 3,672 shares during the period. Continuum Advisory LLC raised its holdings in shares of Perpetua Resources by 72.9% during the 1st quarter. Continuum Advisory LLC now owns 8,300 shares of the company's stock valued at $89,000 after buying an additional 3,500 shares during the period. North Capital Inc. purchased a new stake in shares of Perpetua Resources during the 1st quarter valued at about $53,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Perpetua Resources by 12.4% during the 1st quarter. Bank of New York Mellon Corp now owns 91,435 shares of the company's stock valued at $977,000 after buying an additional 10,078 shares during the period. 70.07% of the stock is 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.

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