Perpetua Resources (NASDAQ:PPTA) Trading Down 7.2% – What’s Next?

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) were down 7.2% during mid-day trading on Tuesday . The company traded as low as $31.42 and last traded at $31.0870. Approximately 317,935 shares were traded during trading, a decline of 82% from the average daily volume of 1,775,387 shares. The stock had previously closed at $33.51.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PPTA shares. Zacks Research downgraded Perpetua Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. B. Riley Financial lifted their price target on Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. HC Wainwright reissued a “buy” rating and issued a $41.00 price objective on shares of Perpetua Resources in a research note on Wednesday, April 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a report on Tuesday. Six research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Perpetua Resources presently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Perpetua Resources Stock Down 3.3%

The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of -28.08 and a beta of 0.15. The business’s 50-day moving average is $30.29 and its two-hundred day moving average is $27.85.

Perpetua Resources (NASDAQ:PPTA) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.60). As a group, analysts forecast that Perpetua Resources Corp. will post -1.56 EPS for the current fiscal year.

Insider Transactions at Perpetua Resources

In related news, insider Mckinsey Margaret Lyon sold 43,722 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $27.57, for a total transaction of $1,205,415.54. Following the transaction, the insider directly owned 132,110 shares in the company, valued at approximately $3,642,272.70. The trade was a 24.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jonathan Cherry sold 4,079 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $29.31, for a total transaction of $119,555.49. Following the transaction, the insider owned 44,895 shares in the company, valued at $1,315,872.45. The trade was a 8.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,500 shares of company stock worth $1,581,853 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently bought and sold shares of PPTA. JPMorgan Chase & Co. boosted its holdings in Perpetua Resources by 3,107.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company’s stock valued at $70,471,000 after purchasing an additional 2,820,067 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in Perpetua Resources by 40.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock valued at $92,678,000 after purchasing an additional 1,318,008 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Perpetua Resources by 65.1% in the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock valued at $76,447,000 after purchasing an additional 1,245,630 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Perpetua Resources by 53.4% in the 3rd quarter. Van ECK Associates Corp now owns 2,840,546 shares of the company’s stock valued at $57,464,000 after purchasing an additional 989,090 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock valued at $12,634,000 after purchasing an additional 811,363 shares during the last quarter. 70.07% of the stock is currently owned by institutional investors and hedge funds.

Perpetua Resources Company Profile

Perpetua Resources Inc (NASDAQ: PPTA), formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.