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

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 8,030 call options on the stock. This represents an increase of 292% compared to the typical volume of 2,051 call options.

Perpetua Resources Trading Down 7.1%

NASDAQ:PPTA traded down $0.91 on Friday, hitting $11.98. The company had a trading volume of 2,499,923 shares, compared to its average volume of 930,405. The firm has a 50 day moving average of $14.07 and a two-hundred day moving average of $12.05. The stock has a market capitalization of $856.98 million, a price-to-earnings ratio of -41.26 and a beta of 0.02. Perpetua Resources has a 52 week low of $5.01 and a 52 week high of $17.96.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its earnings results 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, equities analysts forecast that Perpetua Resources will post -0.21 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PPTA. B. Riley restated a "buy" rating and issued a $17.00 target price (up from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. National Bankshares reissued an "outperform" rating on shares of Perpetua Resources in a research note on Wednesday, June 18th. HC Wainwright restated a "buy" rating and set a $27.50 price objective on shares of Perpetua Resources in a research report on Tuesday, June 17th. Finally, National Bank Financial upgraded Perpetua Resources to a "strong-buy" rating in a research note on Friday, March 21st. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Perpetua Resources currently has an average rating of "Buy" and an average price target of $21.17.

Insiders Place Their Bets

In related news, insider Michael Stephen Wright sold 6,500 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $13.85, for a total transaction of $90,025.00. Following the sale, the insider now owns 14,195 shares of the company's stock, valued at $196,600.75. This represents a 31.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of Perpetua Resources stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the acquisition, the insider now owns 32,347,299 shares in the company, valued at $426,984,346.80. This represents a 30.58% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company's stock.

Institutional Trading of Perpetua Resources

Several large investors have recently modified their holdings of the stock. Ancora Advisors LLC bought a new stake in shares of Perpetua Resources during the fourth quarter valued at approximately $37,000. GAMMA Investing LLC boosted its stake in Perpetua Resources by 1,658.4% during 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 during the last quarter. North Capital Inc. purchased a new stake in shares of Perpetua Resources in the first quarter worth approximately $53,000. BNP Paribas Financial Markets purchased a new stake in shares of Perpetua Resources in the fourth quarter worth approximately $55,000. Finally, Quantbot Technologies LP bought a new position in shares of Perpetua Resources in the first quarter valued at approximately $76,000. Institutional investors and hedge funds 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.

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