Perpetua Resources (NASDAQ:PPTA) Stock Price Expected to Rise, B. Riley Analyst Says

Perpetua Resources (NASDAQ:PPTA) had its price target raised by stock analysts at B. Riley from $17.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target would suggest a potential upside of 37.64% from the stock’s current price.

A number of other research firms have also recently weighed in on PPTA. HC Wainwright raised their price objective on shares of Perpetua Resources from $27.50 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 15th. National Bankshares reaffirmed an “outperform” rating on shares of Perpetua Resources in a report on Wednesday, June 18th. Finally, Royal Bank Of Canada assumed coverage on shares of Perpetua Resources in a report on Friday, July 18th. They issued an “outperform” rating and a $23.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $23.75.

Perpetua Resources Stock Down 7.5%

Shares of Perpetua Resources stock opened at $16.71 on Wednesday. Perpetua Resources has a 52-week low of $7.81 and a 52-week high of $19.75. The company has a 50 day moving average of $16.47 and a 200 day moving average of $13.78. The company has a market capitalization of $1.80 billion and a P/E ratio of -53.90.

Perpetua Resources (NASDAQ:PPTA) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.06. As a group, research analysts anticipate that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Perpetua Resources

In other news, major shareholder Paulson & Co. Inc. bought 7,575,757 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $13.20 per share, with a total value of $99,999,992.40. Following the purchase, the insider owned 32,347,299 shares of the company’s stock, valued at $426,984,346.80. This trade represents a 30.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Stephen Wright sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $18.31, for a total transaction of $183,100.00. Following the completion of the transaction, the insider directly owned 14,195 shares of the company’s stock, valued at $259,910.45. The trade was a 41.33% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PPTA. Paulson & CO. Inc. increased its stake in shares of Perpetua Resources by 30.6% during the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company’s stock valued at $392,696,000 after acquiring an additional 7,575,757 shares during the last quarter. Encompass Capital Advisors LLC increased its stake in shares of Perpetua Resources by 145.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company’s stock valued at $43,806,000 after acquiring an additional 2,135,478 shares during the last quarter. Sprott Inc. increased its stake in shares of Perpetua Resources by 15.5% during the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company’s stock valued at $36,297,000 after acquiring an additional 456,524 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock worth $12,634,000 after purchasing an additional 811,363 shares during the period. Finally, Monaco Asset Management SAM purchased a new stake in shares of Perpetua Resources during the 2nd quarter worth about $12,662,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

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.