Perpetua Resources (NASDAQ:PPTA) Research Coverage Started at Royal Bank Of Canada

Royal Bank Of Canada started coverage on shares of Perpetua Resources (NASDAQ:PPTA) in a report released on Friday, Marketbeat reports. The brokerage issued an outperform rating and a $23.00 price target on the stock.

A number of other equities analysts also recently issued reports on PPTA. HC Wainwright reiterated a “buy” rating and issued a $27.50 price target on shares of Perpetua Resources in a report on Tuesday, June 17th. National Bank Financial raised Perpetua Resources to a “strong-buy” rating in a research note on Friday, March 21st. National Bankshares reissued an “outperform” rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, B. Riley restated a “buy” rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Perpetua Resources currently has an average rating of “Buy” and an average price target of $21.63.

Perpetua Resources Stock Up 8.3%

Shares of PPTA stock opened at $17.18 on Friday. Perpetua Resources has a 52-week low of $5.25 and a 52-week high of $17.96. The stock’s 50-day moving average price is $13.87 and its 200 day moving average price is $12.29. The stock has a market capitalization of $1.85 billion, a PE ratio of -59.24 and a beta of -0.04.

Perpetua Resources (NASDAQ:PPTA) last issued its quarterly 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). Analysts expect that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the transaction, the insider owned 32,347,299 shares in the company, valued at $426,984,346.80. The trade was a 30.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Stephen Wright sold 6,500 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $13.85, for a total value of $90,025.00. Following the completion of the sale, the insider directly owned 14,195 shares in the company, valued at approximately $196,600.75. The trade was a 31.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sprott Inc. grew its stake in shares of Perpetua Resources by 15.5% in the first quarter. Sprott Inc. now owns 3,395,395 shares of the company’s stock valued at $36,297,000 after buying an additional 456,524 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in Perpetua Resources in the first quarter valued at approximately $15,745,000. Millennium Management LLC raised its stake in shares of Perpetua Resources by 219.0% during the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock valued at $12,634,000 after purchasing an additional 811,363 shares during the period. Amundi lifted its position in shares of Perpetua Resources by 39.4% during the first quarter. Amundi now owns 1,017,573 shares of the company’s stock worth $11,397,000 after purchasing an additional 287,664 shares in the last quarter. Finally, Condire Management LP boosted its stake in shares of Perpetua Resources by 6.9% in the fourth quarter. Condire Management LP now owns 890,459 shares of the company’s stock valued at $9,501,000 after purchasing an additional 57,399 shares during the period. Institutional investors and hedge funds own 70.07% of the company’s stock.

Perpetua Resources Company Profile

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.