Perpetua Resources (NASDAQ:PPTA) Hits New 12-Month High Following Analyst Upgrade

Perpetua Resources Corp. (NASDAQ:PPTA) hit a new 52-week high on Friday after HC Wainwright raised their price target on the stock from $27.50 to $30.00. HC Wainwright currently has a buy rating on the stock. Perpetua Resources traded as high as $18.10 and last traded at $17.68, with a volume of 816122 shares changing hands. The stock had previously closed at $17.53.

Several other brokerages have also recently weighed in on PPTA. National Bankshares reaffirmed an “outperform” rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Royal Bank Of Canada initiated coverage on Perpetua Resources in a research note on Friday, July 18th. They issued an “outperform” rating and a $23.00 price target on the stock. Finally, B. Riley reiterated a “buy” rating and issued a $17.00 price target (up previously from $16.00) on shares of Perpetua Resources in a research note 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, the stock presently has a consensus rating of “Buy” and an average price target of $22.25.

Insider Activity at Perpetua Resources

In other Perpetua Resources news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average price of $13.20 per share, for a total transaction of $99,999,992.40. Following the transaction, the insider directly owned 32,347,299 shares in the company, valued at approximately $426,984,346.80. This trade represents a 30.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC acquired a new position in Perpetua Resources during the 2nd quarter worth approximately $26,000. Steward Partners Investment Advisory LLC acquired a new position in Perpetua Resources during the 2nd quarter worth approximately $31,000. Ancora Advisors LLC acquired a new position in Perpetua Resources during the 4th quarter worth approximately $37,000. Caitong International Asset Management Co. Ltd acquired a new position in Perpetua Resources during the 2nd quarter worth approximately $39,000. Finally, GAMMA Investing LLC raised its stake in Perpetua Resources by 1,658.4% during the 1st quarter. GAMMA Investing LLC now owns 4,308 shares of the company’s stock worth $46,000 after buying an additional 4,063 shares during the period. 70.07% of the stock is owned by institutional investors and hedge funds.

Perpetua Resources Stock Performance

The business has a 50 day moving average of $14.92 and a two-hundred day moving average of $12.94. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of -55.84 and a beta of -0.02.

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

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.