Perpetua Resources Target of Unusually High Options Trading (NASDAQ:PPTA)

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) was the target of some unusual options trading activity on Friday. Investors acquired 8,030 call options on the stock. This is an increase of approximately 292% compared to the average volume of 2,051 call options.

Wall Street Analysts Forecast Growth

PPTA has been the topic of a number of recent analyst reports. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. National Bank Financial raised Perpetua Resources to a "strong-buy" rating in a research report on Friday, March 21st. B. Riley restated a "buy" rating and issued a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. Finally, HC Wainwright reiterated a "buy" rating and issued a $27.50 target price on shares of Perpetua Resources in a research note on Tuesday, June 17th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $21.17.

Perpetua Resources Stock Performance

Shares of PPTA stock traded up $0.28 on Monday, hitting $12.14. 3,186,594 shares of the company's stock traded hands, compared to its average volume of 959,693. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -41.86 and a beta of 0.02. The company's fifty day simple moving average is $14.04 and its 200 day simple moving average is $12.04. Perpetua Resources has a one year low of $5.09 and a one year high of $17.96.

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

Insider Activity

In related news, insider Michael Stephen Wright sold 6,500 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $13.85, for a total value of $90,025.00. Following the completion of the sale, the insider directly owned 14,195 shares of the company's stock, valued at approximately $196,600.75. This represents a 31.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Paulson & Co. Inc. acquired 7,575,757 shares of the company's stock in a transaction on Monday, June 16th. The shares were bought at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the purchase, the insider owned 32,347,299 shares in the company, valued at approximately $426,984,346.80. This represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Perpetua Resources

A number of large investors have recently added to or reduced their stakes in PPTA. Sprott Inc. grew its position in shares of Perpetua Resources by 15.5% in 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. Encompass Capital Advisors LLC bought a new stake in Perpetua Resources in the first quarter valued at $15,745,000. Millennium Management LLC boosted its holdings in Perpetua Resources by 219.0% in the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company's stock valued at $12,634,000 after acquiring an additional 811,363 shares in the last quarter. Amundi increased its position in Perpetua Resources by 39.4% during the 1st 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 during the period. Finally, Condire Management LP lifted its position in shares of 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 purchasing an additional 57,399 shares during the period. Institutional investors own 70.07% of the company's stock.

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.