Perpetua Resources (NASDAQ:PPTA) Trading Up 5.1% - Here's What Happened

Key Points

• Perpetua Resources Corp.'s stock (NASDAQ:PPTA) increased by 5.1% to $19.65, despite a 53% drop in trading volume compared to its average.
• Analysts have a consensus rating of Buy for Perpetua Resources, with a consensus price target of $22.25, reflecting optimism about the company’s potential.
• Major shareholder Paulson & Co. Inc. significantly increased its stake by acquiring 7.6 million shares at around $13.20 per share, indicating confidence in the company's future.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s stock price shot up 5.1% on Wednesday . The company traded as high as $19.67 and last traded at $19.65. 803,378 shares traded hands during trading, a decline of 53% from the average session volume of 1,720,582 shares. The stock had previously closed at $18.69.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. National Bankshares reiterated an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. HC Wainwright increased their price objective on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a "buy" rating in a research report on Friday, August 15th. B. Riley reiterated a "buy" rating and set a $17.00 price objective (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, Royal Bank Of Canada assumed 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 research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $22.25.

Perpetua Resources Stock Up 2.0%

The firm has a market cap of $1.98 billion and a PE ratio of -59.45. The company's 50 day moving average price is $16.25 and its two-hundred day moving average price is $13.66.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted 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. On average, analysts expect that Perpetua Resources Corp. will post -0.21 earnings per share for the current fiscal year.

Insider Activity at Perpetua Resources

In other Perpetua Resources news, insider Michael Stephen Wright sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total transaction of $183,100.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the company's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the acquisition, the insider owned 32,347,299 shares in the company, valued at $426,984,346.80. This represents a 30.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.50% of the company's stock.

Institutional Trading of Perpetua Resources

A number of institutional investors have recently bought and sold shares of the stock. Paulson & CO. Inc. boosted its stake in Perpetua Resources by 30.6% in the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company's stock worth $392,696,000 after purchasing an additional 7,575,757 shares in the last quarter. Encompass Capital Advisors LLC raised its position in Perpetua Resources by 145.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company's stock worth $43,806,000 after buying an additional 2,135,478 shares during the last quarter. Sprott Inc. raised its position 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 buying an additional 456,524 shares during the last quarter. Millennium Management LLC raised its position in Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock worth $12,634,000 after buying an additional 811,363 shares during the last quarter. Finally, Monaco Asset Management SAM purchased a new position in Perpetua Resources during the 2nd quarter worth approximately $12,662,000. 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.