Perpetua Resources (NASDAQ:PPTA) Stock Falls 9.5% – Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price was down 9.5% on Wednesday. The stock traded as low as $17.52 and last traded at $17.52. 829,279 shares were traded during trading, a decline of 45% from the average daily volume of 1,516,000 shares. The stock had previously closed at $19.35.

Analyst Ratings Changes

A number of analysts recently weighed in on PPTA shares. B. Riley Financial began coverage on shares of Perpetua Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $30.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $43.50 price target on shares of Perpetua Resources in a research note on Wednesday, September 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday. Finally, Scotiabank initiated coverage on Perpetua Resources in a research note on Tuesday, September 1st. They issued a “sector outperform” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.38.

Perpetua Resources Price Performance

The firm has a 50 day simple moving average of $23.33 and a 200-day simple moving average of $24.27. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -9.16 and a beta of 0.15.

Perpetua Resources (NASDAQ:PPTA) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.59). During the same quarter in the prior year, the company earned $0.08 earnings per share. On average, sell-side analysts forecast that Perpetua Resources Corp. will post -2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Perpetua Resources

Hedge funds have recently made changes to their positions in the company. Osterweis Capital Management Inc. acquired a new position in Perpetua Resources in the second quarter valued at about $26,000. Compass Financial Management LLC acquired a new stake in shares of Perpetua Resources during the second quarter worth approximately $29,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Perpetua Resources during the second quarter worth approximately $41,000. GK Wealth Management LLC acquired a new stake in shares of Perpetua Resources during the third quarter worth approximately $66,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Perpetua Resources in the second quarter valued at approximately $103,000. 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.