Perpetua Resources (NASDAQ:PPTA) Shares Gap Down – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA) shares gapped down prior to trading on Friday . The stock had previously closed at $28.00, but opened at $25.76. Perpetua Resources shares last traded at $25.63, with a volume of 1,491,636 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group set a $30.00 target price on Perpetua Resources in a research note on Thursday, October 9th. B. Riley upped their target price on Perpetua Resources from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. BMO Capital Markets began coverage on Perpetua Resources in a research note on Tuesday. They issued an “outperform” rating on the stock. Roth Capital reiterated a “buy” rating on shares of Perpetua Resources in a research report on Monday, September 22nd. Finally, Royal Bank Of Canada began coverage on Perpetua Resources in a research report on Friday, July 18th. They set an “outperform” rating and a $23.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.40.

Perpetua Resources Price Performance

The business has a fifty day simple moving average of $19.82 and a 200 day simple moving average of $16.02. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of -81.67 and a beta of 0.01.

Perpetua Resources (NASDAQ:PPTA) last announced its earnings results on Wednesday, August 13th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.06. On average, research analysts anticipate that Perpetua Resources Corp. will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Perpetua Resources news, insider Michael Stephen Wright sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $18.31, for a total transaction of $183,100.00. Following the completion of the transaction, the insider owned 14,195 shares of the company’s stock, valued at $259,910.45. This represents a 41.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jonathan Cherry sold 14,911 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $23.72, for a total value of $353,688.92. Following the completion of the sale, the insider directly owned 36,249 shares of the company’s stock, valued at approximately $859,826.28. This represents a 29.15% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Perpetua Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PPTA. GAMMA Investing LLC increased its holdings in shares of Perpetua Resources by 1,658.4% in the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company’s stock valued at $46,000 after purchasing an additional 4,063 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Perpetua Resources by 6.0% in the first quarter. Rhumbline Advisers now owns 64,688 shares of the company’s stock valued at $692,000 after purchasing an additional 3,672 shares during the last quarter. Continuum Advisory LLC increased its holdings in shares of Perpetua Resources by 72.9% in the first quarter. Continuum Advisory LLC now owns 8,300 shares of the company’s stock valued at $89,000 after purchasing an additional 3,500 shares during the last quarter. North Capital Inc. acquired a new stake in shares of Perpetua Resources in the first quarter valued at approximately $53,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Perpetua Resources by 12.4% in the first quarter. Bank of New York Mellon Corp now owns 91,435 shares of the company’s stock valued at $977,000 after purchasing an additional 10,078 shares during the last quarter. 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.