Brokerages Set Perpetua Resources Corp. (NASDAQ:PPTA) Target Price at $29.00

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) have been assigned a consensus rating of “Buy” from the ten analysts that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $29.00.

PPTA has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a report on Wednesday, October 8th. B. Riley reissued a “buy” rating on shares of Perpetua Resources in a report on Thursday, October 30th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Perpetua Resources in a research report on Tuesday, September 23rd. Zacks Research upgraded shares of Perpetua Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Finally, Roth Capital set a $32.00 price target on shares of Perpetua Resources and gave the stock a “buy” rating in a research note on Wednesday, October 22nd.

Perpetua Resources Trading Down 3.0%

Shares of Perpetua Resources stock opened at $25.80 on Monday. The company has a fifty day simple moving average of $24.59 and a 200-day simple moving average of $19.43. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -51.60 and a beta of 0.02. Perpetua Resources has a 12-month low of $7.81 and a 12-month high of $31.65.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.23). On average, analysts forecast that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Perpetua Resources

In related news, insider Jonathan Cherry sold 14,911 shares of the firm’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $23.72, for a total transaction of $353,688.92. Following the transaction, the insider owned 36,249 shares of the company’s stock, valued at $859,826.28. This trade represents a 29.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Perpetua Resources

Hedge funds have recently added to or reduced their stakes in the stock. Paulson & CO. Inc. grew its stake in shares of Perpetua Resources by 30.6% in the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company’s stock valued at $392,696,000 after purchasing an additional 7,575,757 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of Perpetua Resources by 40.4% during the third quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock worth $92,678,000 after purchasing an additional 1,318,008 shares during the period. Encompass Capital Advisors LLC grew its position in Perpetua Resources by 145.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company’s stock valued at $43,806,000 after buying an additional 2,135,478 shares during the last quarter. Sprott Inc. grew its position in Perpetua Resources by 15.5% in the 1st quarter. Sprott Inc. now owns 3,395,395 shares of the company’s stock valued at $36,297,000 after buying an additional 456,524 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Perpetua Resources by 53.4% in the 3rd quarter. Van ECK Associates Corp now owns 2,840,546 shares of the company’s stock valued at $57,464,000 after buying an additional 989,090 shares during the period. 70.07% of the stock is owned by institutional investors and hedge funds.

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.