Perpetua Resources (NASDAQ:PPTA) Trading 9.9% Higher - Still a Buy?

Key Points

• Perpetua Resources shares jumped 9.9% to $22.73, although trading volume was 66% below the average session volume.
• Analyst sentiment is mixed but leans positive: four analysts rate the stock a Buy, one rates it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and a $35.90 price target.
• The company reported a quarterly loss of $0.39 per share, missing estimates by $0.21, while institutional investors own approximately 70.07% of the stock.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) rose 9.9% on Wednesday . The stock traded as high as $22.89 and last traded at $22.73. Approximately 568,435 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 1,662,979 shares. The stock had previously closed at $20.68.

Analysts Set New Price Targets

PPTA has been the topic of several research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. Zacks Research raised shares of Perpetua Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. HC Wainwright increased their price objective on shares of Perpetua Resources from $41.00 to $43.50 and gave the company a "buy" rating in a report on Tuesday, May 26th. Finally, B. Riley Financial started coverage on shares of Perpetua Resources in a research note on Monday. They set a "buy" rating and a $30.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.90.

Perpetua Resources Price Performance

The company has a fifty day moving average price of $21.37 and a two-hundred day moving average price of $26.93. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -16.95 and a beta of 0.09.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.21). On average, research analysts expect that Perpetua Resources Corp. will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Perpetua Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Handelsbanken Fonder AB lifted its stake in Perpetua Resources by 30.9% during the second quarter. Handelsbanken Fonder AB now owns 37,700 shares of the company's stock valued at $783,000 after purchasing an additional 8,900 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Perpetua Resources in the second quarter worth approximately $103,000. Harbor Investment Advisory LLC grew its position in Perpetua Resources by 87.1% in the second quarter. Harbor Investment Advisory LLC now owns 42,638 shares of the company's stock worth $885,000 after buying an additional 19,844 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Perpetua Resources by 26.8% in the first quarter. Janus Henderson Group PLC now owns 39,250 shares of the company's stock valued at $1,104,000 after buying an additional 8,300 shares in the last quarter. Finally, Amundi increased its holdings in shares of Perpetua Resources by 37.3% in the first quarter. Amundi now owns 1,384,758 shares of the company's stock valued at $38,939,000 after buying an additional 375,962 shares in the last quarter. 70.07% of the stock is currently owned by institutional investors.

About Perpetua Resources

Perpetua Resources Inc NASDAQ: PPTA, formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.

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