Perpetua Resources (NASDAQ:PPTA) Posts Quarterly Earnings Results, Misses Expectations By $0.23 EPS

Perpetua Resources (NASDAQ:PPTA) posted its quarterly earnings results on Friday. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.23), Zacks reports.

Perpetua Resources Price Performance

Shares of Perpetua Resources stock traded down $0.41 on Friday, reaching $21.58. 2,284,040 shares of the company were exchanged, compared to its average volume of 3,300,964. Perpetua Resources has a 1-year low of $7.81 and a 1-year high of $31.65. The stock’s 50 day moving average price is $21.95 and its 200-day moving average price is $17.56. The company has a market cap of $2.63 billion, a P/E ratio of -69.61 and a beta of 0.02.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada initiated coverage on shares of Perpetua Resources in a research report on Friday, July 18th. They issued an “outperform” rating and a $23.00 price objective on the stock. UBS Group set a $30.00 price target on Perpetua Resources in a research note on Thursday, October 9th. Roth Capital set a $32.00 target price on shares of Perpetua Resources and gave the company a “buy” rating in a research report on Wednesday, October 22nd. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Perpetua Resources in a research note on Tuesday, September 23rd. Finally, Wall Street Zen downgraded Perpetua Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $29.00.

Insider Buying and Selling at Perpetua Resources

In other Perpetua Resources news, insider Jonathan Cherry sold 14,911 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $23.72, for a total transaction of $353,688.92. Following the transaction, the insider owned 36,249 shares in the company, valued at approximately $859,826.28. The trade was a 29.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in Perpetua Resources by 12.6% in the 1st quarter. AQR Capital Management LLC now owns 15,909 shares of the company’s stock worth $170,000 after acquiring an additional 1,780 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Perpetua Resources by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,958 shares of the company’s stock valued at $672,000 after purchasing an additional 2,680 shares during the period. Millennium Management LLC raised its holdings in shares of Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock valued at $12,634,000 after buying an additional 811,363 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Perpetua Resources by 1.7% during the first quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company’s stock worth $1,164,000 after purchasing an additional 1,835 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of Perpetua Resources in the second quarter worth about $134,000. 70.07% of the stock is currently 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.