Perpetua Resources (NASDAQ:PPTA) Sees Large Volume Increase – Should You Buy?

Perpetua Resources Corp. (NASDAQ:PPTA) shares saw unusually-strong trading volume on Monday . Approximately 1,572,478 shares were traded during mid-day trading, an increase of 80% from the previous session’s volume of 871,421 shares.The stock last traded at $13.22 and had previously closed at $12.99.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PPTA shares. National Bank Financial raised shares of Perpetua Resources to a “strong-buy” rating in a research note on Friday, March 21st. HC Wainwright reaffirmed a “buy” rating and set a $27.50 price target on shares of Perpetua Resources in a research report on Tuesday, June 17th. National Bankshares reiterated an “outperform” rating on shares of Perpetua Resources in a report on Wednesday. Finally, B. Riley reissued a “buy” rating and issued a $17.00 price objective (up from $16.00) on shares of Perpetua Resources in a research note on Wednesday, June 18th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.17.

Perpetua Resources Stock Up 0.6%

The firm has a market capitalization of $935.03 million, a P/E ratio of -44.91 and a beta of 0.02. The company’s 50 day moving average is $14.10 and its 200-day moving average is $12.02.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings data on Friday, May 9th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). On average, analysts predict that Perpetua Resources Corp. will post -0.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Mckinsey Margaret Lyon sold 20,000 shares of the company’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $11.00, for a total transaction of $220,000.00. Following the completion of the sale, the insider now owns 89,154 shares in the company, valued at approximately $980,694. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Paulson & Co. Inc. purchased 7,575,757 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $13.20 per share, with a total value of $99,999,992.40. Following the completion of the transaction, the insider now directly owns 32,347,299 shares in the company, valued at $426,984,346.80. The trade was a 30.58% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Perpetua Resources

A number of hedge funds have recently bought and sold shares of PPTA. Ancora Advisors LLC bought a new position in shares of Perpetua Resources in the fourth quarter valued at approximately $37,000. GAMMA Investing LLC boosted its position in Perpetua Resources by 1,658.4% in the first quarter. GAMMA Investing LLC now owns 4,308 shares of the company’s stock worth $46,000 after purchasing an additional 4,063 shares during the last quarter. North Capital Inc. bought a new position in Perpetua Resources in the 1st quarter valued at $53,000. BNP Paribas Financial Markets bought a new position in Perpetua Resources in the 4th quarter valued at $55,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Perpetua Resources during the 1st quarter valued at $76,000. 70.07% of the stock is owned by hedge funds and other institutional investors.

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.