Perpetua Resources (NASDAQ:PPTA) Trading Down 4.4% - What's Next?

Key Points

• Perpetua Resources Corp.'s share price fell by 4.4%, trading down to $20.24 amid a volume decline of 41% from the average trading session.
• Wall Street analysts maintain a consensus "Buy" rating for the stock, with an average price target of $23.75.
• Insider Michael Stephen Wright sold 10,000 shares of the company's stock, reflecting a 41.33% decrease in his ownership in Perpetua Resources.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s share price traded down 4.4% during mid-day trading on Monday . The stock traded as low as $20.17 and last traded at $20.24. 1,094,513 shares were traded during trading, a decline of 41% from the average session volume of 1,856,805 shares. The stock had previously closed at $21.16.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wall Street Zen raised Perpetua Resources from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. Roth Capital reaffirmed a "buy" rating on shares of Perpetua Resources in a report on Monday, September 22nd. B. Riley raised their price target on Perpetua Resources from $17.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, Royal Bank Of Canada began coverage on Perpetua Resources in a report on Friday, July 18th. They set an "outperform" rating and a $23.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $23.75.

Perpetua Resources Price Performance

The company has a market cap of $2.20 billion and a P/E ratio of -65.95. The stock has a 50-day moving average of $17.53 and a 200 day moving average of $14.67.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued 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. Sell-side analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Transactions at Perpetua Resources

In other Perpetua Resources news, insider Michael Stephen Wright sold 10,000 shares of Perpetua Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $18.31, for a total value of $183,100.00. Following the transaction, the insider owned 14,195 shares in the company, valued at $259,910.45. The trade was a 41.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PPTA. Paulson & CO. Inc. grew its position in Perpetua Resources by 30.6% in the second quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company's stock valued at $392,696,000 after acquiring an additional 7,575,757 shares during the last quarter. Encompass Capital Advisors LLC grew its position in Perpetua Resources by 145.0% in the second quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company's stock valued at $43,806,000 after acquiring an additional 2,135,478 shares during the last quarter. Monaco Asset Management SAM bought a new stake in shares of Perpetua Resources during the second quarter worth about $12,662,000. Fourth Sail Capital LP bought a new stake in shares of Perpetua Resources during the second quarter worth about $12,185,000. Finally, Millennium Management LLC grew its holdings in shares of Perpetua Resources by 219.0% during 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. Institutional investors own 70.07% of the company's stock.

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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