Perpetua Resources (NASDAQ:PPTA) Hits New 52-Week Low – Here’s Why

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) reached a new 52-week low during trading on Thursday. The stock traded as low as $15.66 and last traded at $16.5840, with a volume of 804,497 shares trading hands. The stock had previously closed at $16.35.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PPTA. Zacks Research cut shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Scotiabank started coverage on Perpetua Resources in a report on Tuesday, September 1st. They issued a “sector outperform” rating on the stock. B. Riley Financial began coverage on Perpetua Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, October 15th. Finally, HC Wainwright reissued a “buy” rating and set a $43.50 price objective on shares of Perpetua Resources in a research note on Wednesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Perpetua Resources has a consensus rating of “Hold” and a consensus target price of $36.75.

Perpetua Resources Trading Up 3.5%

The company has a fifty day simple moving average of $21.19 and a 200-day simple moving average of $25.32. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -8.39 and a beta of 0.24.

Perpetua Resources (NASDAQ:PPTA) last announced its earnings results on Friday, August 14th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same period in the prior year, the business posted $0.08 EPS. As a group, analysts anticipate that Perpetua Resources Corp. will post -2.16 earnings per share for the current year.

Institutional Trading of Perpetua Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Paulson & CO. Inc. purchased a new position in shares of Perpetua Resources during the second quarter valued at $671,530,000. BlackRock Inc. purchased a new stake in Perpetua Resources in the 2nd quarter worth about $110,181,000. Alyeska Investment Group L.P. lifted its stake in Perpetua Resources by 363.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company’s stock worth $22,824,000 after acquiring an additional 862,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Perpetua Resources in the 2nd quarter worth about $15,128,000. Finally, Wellington Management Group LLP acquired a new stake in Perpetua Resources during the 2nd quarter worth about $11,904,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

About Perpetua Resources

Perpetua Resources Corp. is a mineral development company focused on advancing the Stibnite Gold Project in central Idaho. The project is designed to produce gold and antimony, a critical mineral used in defense applications, energy technologies, flame retardants and other industrial products. The company is pursuing the project through its U.S. subsidiary, Stibnite Gold Project LLC.

The Stibnite Gold Project is located in the historic Stibnite-Yellow Pine mining district. Perpetua’s activities include permitting, engineering, environmental studies and project development, as well as planning for the restoration of legacy environmental impacts associated with earlier mining in the area.