Perpetua Resources (NASDAQ:PPTA) Shares Up 6.3% After Analyst Upgrade

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price was up 6.3% during trading on Wednesday after National Bank Financial upgraded the stock to a strong-buy rating. The company traded as high as $13.90 and last traded at $13.89. Approximately 2,969,159 shares changed hands during mid-day trading, an increase of 137% from the average daily volume of 1,254,169 shares. The stock had previously closed at $13.07.

A number of other research firms have also weighed in on PPTA. HC Wainwright increased their price objective on shares of Perpetua Resources from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday, March 21st. Roth Mkm increased their price objective on shares of Perpetua Resources from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $21.17.

Insider Buying and Selling

In other news, insider Michael Stephen Wright sold 6,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 14,195 shares of the company’s stock, valued at approximately $196,600.75. This trade represents a 31.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of Perpetua Resources stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $13.20 per share, for a total transaction of $99,999,992.40. Following the completion of the transaction, the insider now owns 32,347,299 shares of the company’s stock, valued at approximately $426,984,346.80. This trade represents a 30.58% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

A number of institutional investors have recently modified their holdings of PPTA. ProShare Advisors LLC purchased a new position in Perpetua Resources during the fourth quarter valued at approximately $116,000. BNP Paribas Financial Markets purchased a new position in Perpetua Resources during the fourth quarter valued at approximately $55,000. Raymond James Financial Inc. purchased a new position in Perpetua Resources during the fourth quarter valued at approximately $280,000. The Manufacturers Life Insurance Company increased its holdings in Perpetua Resources by 387.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 67,483 shares of the company’s stock valued at $720,000 after buying an additional 53,634 shares during the period. Finally, Deutsche Bank AG increased its holdings in Perpetua Resources by 64.0% during the fourth quarter. Deutsche Bank AG now owns 30,891 shares of the company’s stock valued at $330,000 after buying an additional 12,060 shares during the period. 70.07% of the stock is owned by hedge funds and other institutional investors.

Perpetua Resources Price Performance

The company has a market capitalization of $960.07 million, a PE ratio of -46.28 and a beta of 0.02. The company’s fifty day moving average is $14.07 and its 200-day moving average is $11.99.

Perpetua Resources (NASDAQ:PPTA) last announced its earnings results on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Equities research analysts forecast that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

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.