Perpetua Resources (NASDAQ:PPTA) Shares Gap Down – What’s Next?

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $30.67, but opened at $29.25. Perpetua Resources shares last traded at $29.44, with a volume of 218,400 shares.

Analyst Ratings Changes

PPTA has been the subject of several recent research reports. HC Wainwright increased their price objective on shares of Perpetua Resources from $30.00 to $41.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.50.

Perpetua Resources Stock Down 6.1%

The company has a 50 day moving average of $31.28 and a 200 day moving average of $26.05. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of -57.56 and a beta of -0.03.

Insiders Place Their Bets

In other news, insider Mckinsey Margaret Lyon sold 43,722 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $27.57, for a total transaction of $1,205,415.54. Following the completion of the transaction, the insider directly owned 132,110 shares in the company, valued at approximately $3,642,272.70. This represents a 24.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexander Mcleod Sternhell sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $29.09, for a total transaction of $87,270.00. Following the sale, the director directly owned 16,352 shares of the company’s stock, valued at $475,679.68. The trade was a 15.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 121,739 shares of company stock valued at $3,289,604 over the last 90 days. 1.90% of the stock is owned by company insiders.

Institutional Trading of Perpetua Resources

Several institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in Perpetua Resources by 12.6% during the 1st quarter. AQR Capital Management LLC now owns 15,909 shares of the company’s stock worth $170,000 after acquiring an additional 1,780 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Perpetua Resources by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,958 shares of the company’s stock worth $672,000 after purchasing an additional 2,680 shares during the last quarter. Millennium Management LLC raised its stake in shares of Perpetua Resources by 219.0% in the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock valued at $12,634,000 after purchasing an additional 811,363 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Perpetua Resources by 1.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company’s stock valued at $1,164,000 after purchasing an additional 1,835 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of Perpetua Resources during the second quarter worth about $228,000. 70.07% of the stock is owned by institutional investors and hedge funds.

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.