Perpetua Resources (NASDAQ:PPTA) Stock Price Down 12.6% – Here’s Why

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) were down 12.6% during trading on Friday . The stock traded as low as $28.23 and last traded at $28.0210. Approximately 1,991,864 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 2,096,140 shares. The stock had previously closed at $32.06.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PPTA. UBS Group set a $30.00 target price on shares of Perpetua Resources in a research note on Thursday, October 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, January 22nd. Roth Mkm set a $32.00 target price on Perpetua Resources and gave the company a “buy” rating in a research report on Wednesday, October 22nd. BMO Capital Markets set a $44.00 target price on Perpetua Resources in a report on Tuesday, October 28th. Finally, B. Riley reissued a “buy” rating on shares of Perpetua Resources in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Perpetua Resources currently has a consensus rating of “Buy” and an average target price of $30.67.

Perpetua Resources Trading Down 17.0%

The business has a 50-day moving average of $28.06 and a 200 day moving average of $22.85. The firm has a market capitalization of $3.30 billion, a PE ratio of -53.24 and a beta of 0.03.

Perpetua Resources (NASDAQ:PPTA) last posted its earnings results on Friday, November 14th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.23). On average, sell-side analysts expect that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Mckinsey Margaret Lyon sold 32,490 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $26.61, for a total transaction of $864,558.90. Following the transaction, the insider directly owned 96,664 shares in the company, valued at approximately $2,572,229.04. This represents a 25.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey L. Malmen sold 10,181 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $26.34, for a total transaction of $268,167.54. Following the transaction, the director owned 19,319 shares in the company, valued at $508,862.46. The trade was a 34.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 78,017 shares of company stock worth $2,084,188 over the last quarter. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Perpetua Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC lifted its holdings in Perpetua Resources by 21.0% in the 4th quarter. Farther Finance Advisors LLC now owns 3,123 shares of the company’s stock worth $76,000 after buying an additional 541 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Perpetua Resources by 4.6% during the second quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company’s stock valued at $193,000 after acquiring an additional 697 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Perpetua Resources by 50.7% in the third quarter. Jones Financial Companies Lllp now owns 2,751 shares of the company’s stock worth $58,000 after acquiring an additional 925 shares during the period. Clear Creek Financial Management LLC lifted its stake in Perpetua Resources by 8.3% in the fourth quarter. Clear Creek Financial Management LLC now owns 15,136 shares of the company’s stock worth $366,000 after acquiring an additional 1,158 shares during the period. Finally, Private Trust Co. NA boosted its holdings in Perpetua Resources by 71.4% in the fourth quarter. Private Trust Co. NA now owns 3,000 shares of the company’s stock valued at $73,000 after acquiring an additional 1,250 shares in the last quarter. Institutional investors own 70.07% of the company’s stock.

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.