Perpetua Resources (NASDAQ:PPTA) Stock Price Down 9.5% - Here's Why

Key Points

• Perpetua Resources shares fell 9.5% to $17.52, with trading volume 45% below the average daily level.
• The decline followed weak quarterly results: the company reported a $0.78 per-share loss, missing the $0.19 consensus estimate, and analysts expect a full-year loss of $2.16 per share.
• Despite the sell-off, analyst sentiment remains moderately bullish, with five Buy ratings, one Hold and one Sell, plus a consensus price target of $37.38. Institutional investors own approximately 70.1% of the stock.

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s share price traded down 9.5% during trading on Wednesday. The stock traded as low as $17.52 and last traded at $17.52. 829,279 shares were traded during trading, a decline of 45% from the average daily volume of 1,516,000 shares. The stock had previously closed at $19.35.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PPTA shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Perpetua Resources in a research note on Friday, July 17th. Scotiabank initiated coverage on Perpetua Resources in a research note on Tuesday, September 1st. They set a "sector outperform" rating for the company. HC Wainwright restated a "buy" rating and issued a $43.50 target price on shares of Perpetua Resources in a research report on Wednesday, September 30th. Finally, B. Riley Financial began 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. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Perpetua Resources presently has an average rating of "Moderate Buy" and a consensus target price of $37.38.

Perpetua Resources Price Performance

The business has a fifty day moving average of $23.53 and a 200 day moving average of $24.38. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -8.46 and a beta of 0.15.

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 for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.59). During the same quarter last year, the business posted $0.08 EPS. On average, equities research analysts expect that Perpetua Resources Corp. will post -2.16 EPS for the current year.

Institutional Inflows and Outflows

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