Perpetua Resources (NASDAQ:PPTA) Sees Strong Trading Volume – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA) shares saw an uptick in trading volume on Wednesday . 5,967,830 shares were traded during mid-day trading, an increase of 233% from the previous session’s volume of 1,789,461 shares.The stock last traded at $25.8710 and had previously closed at $25.77.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PPTA. Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a report on Tuesday, April 21st. B. Riley Financial upped their price objective on shares of Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Zacks Research upgraded shares of Perpetua Resources from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, HC Wainwright upped their price objective on shares of Perpetua Resources from $41.00 to $43.50 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Six 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. According to MarketBeat, Perpetua Resources currently has an average rating of “Moderate Buy” and an average target price of $35.42.

Perpetua Resources Trading Down 1.8%

The stock has a market cap of $3.17 billion and a price-to-earnings ratio of -19.02. The stock has a fifty day simple moving average of $27.87 and a 200-day simple moving average of $28.63.

Perpetua Resources (NASDAQ:PPTA) last released its earnings results on Monday, May 11th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.21). Sell-side analysts forecast that Perpetua Resources Corp. will post -1.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Perpetua Resources news, insider Mckinsey Margaret Lyon sold 8,699 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total value of $256,881.47. Following the completion of the sale, the insider directly owned 142,329 shares of the company’s stock, valued at $4,202,975.37. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jonathan Cherry sold 4,079 shares of the 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 completion of the sale, the insider directly owned 44,895 shares of the company’s stock, valued at approximately $1,315,872.45. This trade represents a 8.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

Several large investors have recently added to or reduced their stakes in PPTA. Smartleaf Asset Management LLC acquired a new position in Perpetua Resources in the 4th quarter valued at approximately $31,000. UMB Bank n.a. bought a new stake in Perpetua Resources in the 4th quarter valued at $36,000. Kestra Advisory Services LLC acquired a new position in shares of Perpetua Resources in the 4th quarter valued at $40,000. Aventura Private Wealth LLC bought a new position in shares of Perpetua Resources during the 4th quarter worth about $48,000. Finally, Jones Financial Companies Lllp lifted its stake in Perpetua Resources by 50.7% during the third quarter. Jones Financial Companies Lllp now owns 2,751 shares of the company’s stock worth $58,000 after purchasing an additional 925 shares during the period. Institutional investors and hedge funds 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.