Perpetua Resources (NASDAQ:PPTA) Shares Down 7.6% - What's Next?

Key Points

• Perpetua Resources shares fell 7.6% to about $19.55, while trading volume was 81% below its average.
• Analyst views are mixed: three rate the stock Buy and two Sell, resulting in a consensus Hold rating and an average price target of $36.75.
• The company reported a quarterly loss of $0.78 per share, missing the consensus estimate of a $0.19 loss by $0.59.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s stock price was down 7.6% during mid-day trading on Tuesday. The company traded as low as $19.50 and last traded at $19.5510. 285,003 shares were traded during trading, a decline of 81% from the average daily volume of 1,527,151 shares. The stock had previously closed at $21.16.

Analysts Set New Price Targets

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

Perpetua Resources Stock Performance

The stock has a market cap of $2.41 billion, a P/E ratio of -9.60 and a beta of 0.24. The firm has a 50-day moving average price of $20.79 and a 200-day moving average price of $25.12.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its quarterly 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 period in the prior year, the firm earned $0.08 earnings per share. On average, research analysts predict that Perpetua Resources Corp. will post -2.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Paulson & CO. Inc. bought a new stake in Perpetua Resources during the 2nd quarter valued at about $671,530,000. BlackRock Inc. bought a new position in shares of Perpetua Resources in the second quarter worth approximately $110,181,000. Alyeska Investment Group L.P. lifted its stake in shares of Perpetua Resources by 363.4% in the second quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company's stock worth $22,824,000 after buying an additional 862,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Perpetua Resources in the second quarter worth approximately $15,128,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Perpetua Resources during the second quarter valued at approximately $11,904,000. 70.07% of the stock is currently owned by 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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