Perpetua Resources (NASDAQ:PPTA) Shares Down 8.6% – Here’s What Happened

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) fell 8.6% during trading on Friday . The company traded as low as $28.12 and last traded at $28.44. 423,902 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,676,476 shares. The stock had previously closed at $31.10.

Wall Street Analysts Forecast Growth

PPTA has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and issued a $41.00 price objective on shares of Perpetua Resources in a research report on Wednesday, April 8th. Zacks Research downgraded Perpetua Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 8th. B. Riley Financial raised their price objective on Perpetua Resources from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a report on Tuesday, April 21st. Six analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Perpetua Resources Stock Performance

The company’s fifty day simple moving average is $29.64 and its two-hundred day simple moving average is $28.27. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -21.47 and a beta of 0.02.

Perpetua Resources (NASDAQ:PPTA) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.21). Sell-side analysts anticipate that Perpetua Resources Corp. will post -1.54 EPS for the current year.

Insider Activity at Perpetua Resources

In related news, insider Mckinsey Margaret Lyon sold 8,699 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $29.53, for a total transaction of $256,881.47. Following the transaction, the insider directly owned 142,329 shares in the company, valued at $4,202,975.37. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jonathan Cherry sold 4,079 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total transaction of $119,555.49. Following the sale, the insider owned 44,895 shares of the company’s stock, valued at approximately $1,315,872.45. The trade was a 8.33% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Perpetua Resources

A number of institutional investors have recently modified their holdings of PPTA. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Perpetua Resources during the first quarter worth about $594,000. Sei Investments Co. boosted its stake in Perpetua Resources by 12.4% in the first quarter. Sei Investments Co. now owns 78,432 shares of the company’s stock valued at $2,206,000 after acquiring an additional 8,678 shares during the period. Cetera Investment Advisers grew its holdings in shares of Perpetua Resources by 6.3% during the first quarter. Cetera Investment Advisers now owns 17,646 shares of the company’s stock valued at $496,000 after purchasing an additional 1,052 shares during the last quarter. Swiss National Bank grew its holdings in shares of Perpetua Resources by 14.7% during the first quarter. Swiss National Bank now owns 170,400 shares of the company’s stock valued at $4,792,000 after purchasing an additional 21,800 shares during the last quarter. Finally, Leonteq Securities AG raised its position in shares of Perpetua Resources by 214.3% during the 1st quarter. Leonteq Securities AG now owns 11,000 shares of the company’s stock worth $320,000 after purchasing an additional 7,500 shares during the period. Institutional investors own 70.07% of the company’s stock.

About Perpetua Resources

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.