Perpetua Resources (NASDAQ:PPTA) Hits New 12-Month Low - Time to Sell?

Key Points

• Perpetua Resources hit a new 52-week low, trading as low as $15.66 before last changing hands at $16.58.
• Analyst opinions are mixed: three rate the stock Buy and two Sell, resulting in an average Hold rating and a $36.75 average price target.
• The company reported a quarterly loss of $0.78 per share, missing analyst expectations of a $0.19 loss; analysts forecast a $2.16 loss per share for the current fiscal year.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $15.66 and last traded at $16.5840, with a volume of 804,497 shares traded. The stock had previously closed at $16.35.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PPTA shares. Weiss Ratings restated a "sell (d-)" rating on shares of Perpetua Resources in a research note on Thursday, October 15th. Scotiabank initiated coverage on Perpetua Resources in a research report on Tuesday, September 1st. They issued a "sector outperform" rating for the company. Zacks Research downgraded Perpetua Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, October 15th. B. Riley Financial initiated coverage on Perpetua Resources in a report on Monday, August 3rd. They issued a "buy" rating and a $30.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $43.50 target price on shares of Perpetua Resources in a research report on Wednesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $36.75.

Perpetua Resources Stock Up 3.5%

The firm has a fifty day moving average of $21.19 and a 200-day moving average of $25.32. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -8.39 and a beta of 0.24.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same quarter in the prior year, the business earned $0.08 earnings per share. As a group, research analysts forecast that Perpetua Resources Corp. will post -2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Perpetua Resources

Several hedge funds have recently bought and sold shares of the stock. Paulson & CO. Inc. acquired a new position in Perpetua Resources during the second quarter worth about $671,530,000. BlackRock Inc. bought a new stake in Perpetua Resources in the second quarter worth about $110,181,000. Amundi lifted its holdings in Perpetua Resources by 37.3% in the 1st quarter. Amundi now owns 1,384,758 shares of the company's stock valued at $38,939,000 after acquiring an additional 375,962 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Perpetua Resources by 363.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company's stock valued at $22,824,000 after acquiring an additional 862,143 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Perpetua Resources in the 2nd quarter valued at about $15,128,000. Hedge funds and other institutional investors own 70.07% of the company's stock.

About Perpetua Resources

Perpetua Resources Corp. is a mineral development company focused on advancing the Stibnite Gold Project in central Idaho. The project is designed to produce gold and antimony, a critical mineral used in defense applications, energy technologies, flame retardants and other industrial products. The company is pursuing the project through its U.S. subsidiary, Stibnite Gold Project LLC.

The Stibnite Gold Project is located in the historic Stibnite-Yellow Pine mining district. Perpetua’s activities include permitting, engineering, environmental studies and project development, as well as planning for the restoration of legacy environmental impacts associated with earlier mining in the area.

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