Perpetua Resources (NASDAQ:PPTA) Trading Down 8.6% – Should You Sell?

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PPTA shares. Zacks Research cut shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a research report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and issued a $41.00 price target on shares of Perpetua Resources in a research note on Wednesday, April 8th. Finally, B. Riley Financial increased their price target 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. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Perpetua Resources Trading Down 9.4%

The stock has a market capitalization of $3.52 billion, a PE ratio of -21.34 and a beta of 0.02. The business has a fifty day moving average price of $29.52 and a 200-day moving average price of $28.27.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.21). On average, equities analysts anticipate that Perpetua Resources Corp. will post -1.54 earnings per share for the current fiscal year.

Insider Activity at Perpetua Resources

In other news, insider Jonathan Cherry sold 4,079 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total value of $119,555.49. Following the completion of the sale, the insider owned 44,895 shares of the company’s stock, valued at approximately $1,315,872.45. This represents a 8.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $256,881.47. Following the transaction, the insider directly owned 142,329 shares in the company, valued at approximately $4,202,975.37. This represents a 5.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Perpetua Resources

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its stake in shares of Perpetua Resources by 3,107.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company’s stock valued at $70,471,000 after buying an additional 2,820,067 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Perpetua Resources by 40.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock valued at $92,678,000 after acquiring an additional 1,318,008 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Perpetua Resources by 65.1% during the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock valued at $76,447,000 after acquiring an additional 1,245,630 shares during the period. Van ECK Associates Corp boosted its holdings in Perpetua Resources by 53.4% during the 3rd quarter. Van ECK Associates Corp now owns 2,840,546 shares of the company’s stock valued at $57,464,000 after acquiring an additional 989,090 shares during the period. Finally, Millennium Management LLC grew its position in 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 acquiring an additional 811,363 shares during the last quarter. 70.07% of the stock is owned by institutional investors.

Perpetua Resources Company Profile

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.