Perpetua Resources (NASDAQ:PPTA) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Perpetua Resources (NASDAQ:PPTA) from a hold rating to a strong sell rating in a research report released on Wednesday,Zacks.com reports.

A number of other analysts have also commented on PPTA. HC Wainwright reiterated a “buy” rating and issued a $41.00 price target on shares of Perpetua Resources in a research note on Wednesday. B. Riley Financial boosted their target price on shares of Perpetua Resources from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, March 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a research report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Perpetua Resources Stock Down 0.6%

Shares of PPTA stock opened at $29.94 on Wednesday. The company has a 50 day moving average price of $29.80 and a 200-day moving average price of $27.16. Perpetua Resources has a 52 week low of $11.22 and a 52 week high of $37.37. The firm has a market capitalization of $3.74 billion, a PE ratio of -28.51 and a beta of 0.15.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.60). Analysts anticipate that Perpetua Resources will post -0.21 earnings per share for the current year.

Insiders Place Their Bets

In other Perpetua Resources news, insider Mckinsey Margaret Lyon sold 43,722 shares of the business’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $27.57, for a total transaction of $1,205,415.54. Following the transaction, the insider owned 132,110 shares in the company, valued at $3,642,272.70. The trade was a 24.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jonathan Cherry sold 4,079 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total transaction of $119,555.49. Following the transaction, the insider owned 44,895 shares in the company, valued at $1,315,872.45. This trade represents a 8.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,500 shares of company stock worth $1,581,853 in the last quarter. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Purpose Unlimited Inc. bought a new position in Perpetua Resources during the fourth quarter valued at $1,798,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Perpetua Resources by 318.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,930 shares of the company’s stock worth $337,000 after purchasing an additional 10,601 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Perpetua Resources by 3.6% in the fourth quarter. Invesco Ltd. now owns 49,849 shares of the company’s stock worth $1,207,000 after purchasing an additional 1,755 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Perpetua Resources by 59.3% in the fourth quarter. NewEdge Advisors LLC now owns 84,280 shares of the company’s stock worth $2,040,000 after purchasing an additional 31,375 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in shares of Perpetua Resources in the fourth quarter worth about $4,612,000. Institutional investors own 70.07% of the company’s stock.

Perpetua Resources Company Profile

Perpetua Resources Inc (NASDAQ: PPTA), formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.