Perpetua Resources (NASDAQ:PPTA) Shares Gap Down on Disappointing Earnings

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price gapped down prior to trading on Monday following a dissappointing earnings announcement. The stock had previously closed at $15.18, but opened at $14.10. Perpetua Resources shares last traded at $12.35, with a volume of 509,443 shares.

The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.10).

Wall Street Analysts Forecast Growth

PPTA has been the topic of a number of analyst reports. National Bankshares reaffirmed an “outperform” rating on shares of Perpetua Resources in a research note on Wednesday, April 2nd. National Bank Financial raised Perpetua Resources to a “strong-buy” rating in a research note on Friday, March 21st. Finally, HC Wainwright increased their price objective on Perpetua Resources from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Friday, March 21st.

Insiders Place Their Bets

In other news, insider Michael Stephen Wright sold 6,500 shares of the business’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $13.85, for a total transaction of $90,025.00. Following the completion of the sale, the insider now directly owns 14,195 shares of the company’s stock, valued at $196,600.75. The trade was a 31.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alan Douglas Haslam sold 10,400 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $9.24, for a total transaction of $96,096.00. Following the sale, the insider now directly owns 65,763 shares of the company’s stock, valued at $607,650.12. This represents a 13.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 20,230 shares of company stock valued at $166,582 and have sold 59,610 shares valued at $606,423. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Perpetua Resources

Several institutional investors have recently made changes to their positions in PPTA. Amundi acquired a new stake in shares of Perpetua Resources in the fourth quarter worth $7,788,000. Millennium Management LLC boosted its position in Perpetua Resources by 226.7% in the 4th quarter. Millennium Management LLC now owns 370,536 shares of the company’s stock valued at $3,954,000 after buying an additional 257,130 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Perpetua Resources in the 1st quarter valued at approximately $2,734,000. Cohen & Steers Inc. acquired a new position in shares of Perpetua Resources in the 4th quarter valued at approximately $2,729,000. Finally, Yaupon Capital Management LP acquired a new position in shares of Perpetua Resources in the 4th quarter valued at approximately $2,668,000. 70.07% of the stock is owned by hedge funds and other institutional investors.

Perpetua Resources Trading Down 17.9%

The stock has a 50-day simple moving average of $11.83 and a 200-day simple moving average of $11.13. The company has a market capitalization of $888.94 million, a price-to-earnings ratio of -56.48 and a beta of 0.06.

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.