Perpetua Resources (NASDAQ:PPTA) Shares Gap Down Following Insider Selling

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $9.23, but opened at $8.97. Perpetua Resources shares last traded at $8.70, with a volume of 480,391 shares trading hands.

Specifically, insider Alan Douglas Haslam sold 10,400 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $9.24, for a total value of $96,096.00. Following the completion of the transaction, the insider now owns 65,763 shares of the company’s stock, valued at approximately $607,650.12. This trade represents a 13.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of brokerages recently commented on PPTA. Roth Mkm increased their price target on shares of Perpetua Resources from $15.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. HC Wainwright raised their price objective on shares of Perpetua Resources from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th.

Perpetua Resources Stock Down 9.5 %

The firm has a market cap of $587.34 million, a P/E ratio of -37.95 and a beta of 0.20. The company’s 50 day simple moving average is $11.48 and its 200-day simple moving average is $10.07.

Hedge Funds Weigh In On Perpetua Resources

A number of institutional investors have recently modified their holdings of the stock. Sprott Inc. increased its position in shares of Perpetua Resources by 5.3% during the fourth quarter. Sprott Inc. now owns 2,938,871 shares of the company’s stock worth $31,358,000 after acquiring an additional 148,273 shares during the period. Fourth Sail Capital LP purchased a new position in shares of Perpetua Resources during the third quarter worth approximately $10,405,000. Condire Management LP increased its position in shares of Perpetua Resources by 6.9% during the fourth quarter. Condire Management LP now owns 890,459 shares of the company’s stock worth $9,501,000 after acquiring an additional 57,399 shares during the period. Amundi purchased a new position in shares of Perpetua Resources during the fourth quarter worth approximately $7,788,000. Finally, State Street Corp increased its position in shares of Perpetua Resources by 8.8% during the third quarter. State Street Corp now owns 593,502 shares of the company’s stock worth $5,549,000 after acquiring an additional 48,220 shares during the period. 70.07% of the stock is owned by hedge funds and other institutional investors.

About Perpetua Resources

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.