Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Should You Buy?

Perpetua Resources Corp. (NASDAQ:PPTA) gapped up prior to trading on Wednesday . The stock had previously closed at $23.79, but opened at $25.35. Perpetua Resources shares last traded at $25.0250, with a volume of 145,737 shares traded.

Analyst Ratings Changes

Several brokerages recently weighed in on PPTA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a research report on Friday, July 17th. Zacks Research upgraded shares of Perpetua Resources from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. B. Riley Financial started coverage on shares of Perpetua Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $30.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $43.50 target price on shares of Perpetua Resources in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Perpetua Resources has a consensus rating of “Moderate Buy” and a consensus target price of $35.90.

Perpetua Resources Price Performance

The stock has a market capitalization of $3.22 billion, a P/E ratio of -12.76 and a beta of 0.09. The firm has a 50 day moving average of $21.26 and a 200-day moving average of $26.31.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same quarter in the previous year, the company earned $0.08 EPS. As a group, equities analysts expect that Perpetua Resources Corp. will post -1.42 earnings per share for the current year.

Institutional Trading of Perpetua Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its holdings in Perpetua Resources by 0.8% in the 4th quarter. IFP Advisors Inc now owns 50,405 shares of the company’s stock worth $1,220,000 after buying an additional 405 shares during the period. Farther Finance Advisors LLC grew its stake in Perpetua Resources by 21.0% during the fourth quarter. Farther Finance Advisors LLC now owns 3,123 shares of the company’s stock valued at $76,000 after acquiring an additional 541 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Perpetua Resources by 0.5% in the 4th quarter. Benjamin Edwards Inc. now owns 102,645 shares of the company’s stock worth $2,485,000 after purchasing an additional 543 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Perpetua Resources by 4.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company’s stock worth $193,000 after purchasing an additional 697 shares in the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Perpetua Resources by 8.5% in the first quarter. Continuum Advisory LLC now owns 12,736 shares of the company’s stock worth $358,000 after purchasing an additional 994 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.

About Perpetua Resources

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.