Perpetua Resources (NASDAQ:PPTA) Stock Price Up 9.5% – Time to Buy?

Perpetua Resources Corp. (NASDAQ:PPTA) shares traded up 9.5% during trading on Wednesday . The company traded as high as $26.90 and last traded at $26.9760. 1,111,030 shares changed hands during trading, a decline of 35% from the average session volume of 1,698,023 shares. The stock had previously closed at $24.64.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a research report on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating and set a $41.00 price target on shares of Perpetua Resources in a research report on Wednesday, April 8th. B. Riley Financial boosted their price target on Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Finally, Zacks Research lowered Perpetua Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Perpetua Resources has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Perpetua Resources Stock Up 9.5%

The company has a 50 day moving average of $29.25 and a two-hundred day moving average of $28.31. The firm has a market cap of $3.37 billion, a P/E ratio of -20.38 and a beta of 0.02.

Perpetua Resources (NASDAQ:PPTA) last announced its earnings results on Monday, May 11th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.21). Research analysts expect that Perpetua Resources Corp. will post -1.54 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jonathan Cherry sold 4,079 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $29.31, for a total transaction of $119,555.49. Following the completion of the transaction, the insider owned 44,895 shares of the company’s stock, valued at $1,315,872.45. This trade represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mckinsey Margaret Lyon sold 8,699 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total value of $256,881.47. Following the transaction, the insider directly owned 142,329 shares of the company’s stock, valued at $4,202,975.37. This represents a 5.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Perpetua Resources

Hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC acquired a new position in Perpetua Resources during the fourth quarter valued at $31,000. UMB Bank n.a. acquired a new position in Perpetua Resources during the fourth quarter valued at $36,000. Kestra Advisory Services LLC acquired a new position in Perpetua Resources during the fourth quarter valued at $40,000. Aventura Private Wealth LLC acquired a new position in Perpetua Resources during the fourth quarter valued at $48,000. Finally, Jones Financial Companies Lllp raised its position in Perpetua Resources by 50.7% during the third quarter. Jones Financial Companies Lllp now owns 2,751 shares of the company’s stock valued at $58,000 after buying an additional 925 shares during the period. 70.07% of the stock is owned by hedge funds and other 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.