Perpetua Resources (NASDAQ:PPTA) Shares Break Above Fifty Day Moving Average - What's Next?

Key Points

• Perpetua Resources shares moved above their 50-day moving average, trading as high as $21.39 and last at $21.16; the 50-day average was $20.79.
• Analyst views are mixed: the stock has an average Hold rating and $36.75 average price target, with three Buy ratings and two Sell ratings.
• The company reported quarterly EPS of -$0.78, missing the consensus estimate of -$0.19.

Shares of Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $20.79 and traded as high as $21.39. Perpetua Resources shares last traded at $21.16, with a volume of 1,930,991 shares.

Analysts Set New Price Targets

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

Perpetua Resources Stock Performance

The business has a 50 day moving average of $20.79 and a two-hundred day moving average of $25.12. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -10.48 and a beta of 0.24.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same period last year, the company posted $0.08 earnings per share. On average, equities analysts predict that Perpetua Resources Corp. will post -2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osterweis Capital Management Inc. bought a new stake in Perpetua Resources in the 2nd quarter worth approximately $26,000. Compass Financial Management LLC purchased a new position in shares of Perpetua Resources during the second quarter worth approximately $29,000. Signaturefd LLC lifted its holdings in shares of Perpetua Resources by 3,120.4% in the 3rd quarter. Signaturefd LLC now owns 1,739 shares of the company's stock worth $38,000 after acquiring an additional 1,685 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Perpetua Resources in the 2nd quarter worth approximately $41,000. Finally, Sterling Capital Management LLC boosted its stake in shares of Perpetua Resources by 839.7% in the 3rd quarter. Sterling Capital Management LLC now owns 2,838 shares of the company's stock valued at $61,000 after purchasing an additional 2,536 shares in the last quarter. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

Perpetua Resources Company Profile

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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