Perpetua Resources (NASDAQ:PPTA) Stock Price Down 6% on Insider Selling

Perpetua Resources Corp. (NASDAQ:PPTA) traded down 6% on Thursday following insider selling activity. The stock traded as low as $18.03 and last traded at $18.04. 1,529,289 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 1,728,697 shares. The stock had previously closed at $19.20.

Specifically, insider Michael Stephen Wright sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total value of $183,100.00. Following the completion of the transaction, the insider directly owned 14,195 shares of the company’s stock, valued at approximately $259,910.45. This trade represents a 41.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. HC Wainwright raised their target price on shares of Perpetua Resources from $27.50 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Royal Bank Of Canada assumed coverage on shares of Perpetua Resources in a research report on Friday, July 18th. They set an “outperform” rating and a $23.00 price objective for the company. National Bankshares reaffirmed an “outperform” rating on shares of Perpetua Resources in a research report on Wednesday, June 18th. Finally, B. Riley reaffirmed a “buy” rating and set a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $22.25.

Perpetua Resources Price Performance

The stock has a market capitalization of $1.98 billion and a P/E ratio of -59.45. The stock’s 50-day simple moving average is $16.25 and its 200 day simple moving average is $13.63.

Perpetua Resources (NASDAQ:PPTA) last posted its 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. As a group, analysts expect that Perpetua Resources Corp. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. lifted its holdings in shares of Perpetua Resources by 157.2% during the second quarter. Osaic Holdings Inc. now owns 17,546 shares of the company’s stock worth $213,000 after buying an additional 10,723 shares in the last quarter. NewGen Asset Management Ltd acquired a new stake in shares of Perpetua Resources during the second quarter worth $3,338,000. Tower Research Capital LLC TRC lifted its holdings in shares of Perpetua Resources by 4.6% during the second quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company’s stock worth $193,000 after buying an additional 697 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of Perpetua Resources during the second quarter worth $201,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Perpetua Resources during the second quarter worth $157,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

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.