Perpetua Resources (NASDAQ:PPTA) Shares Down 7.6% – Time to Sell?

Perpetua Resources Corp. (NASDAQ:PPTA) dropped 7.6% during trading on Tuesday. The company traded as low as $19.50 and last traded at $19.5510. Approximately 285,003 shares traded hands during trading, a decline of 81% from the average session volume of 1,527,151 shares. The stock had previously closed at $21.16.

Analyst Ratings Changes

Several research firms have commented on PPTA. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, October 15th. HC Wainwright restated a “buy” rating and issued a $43.50 price objective on shares of Perpetua Resources in a report on Wednesday, September 30th. Scotiabank initiated coverage on shares of Perpetua Resources in a research note on Tuesday, September 1st. They issued a “sector outperform” rating for the company. B. Riley Financial began coverage on shares of Perpetua Resources in a report on Monday, August 3rd. They set a “buy” rating and a $30.00 target price on the stock. Finally, Zacks Research lowered shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Perpetua Resources presently has a consensus rating of “Hold” and an average price target of $36.75.

Perpetua Resources Stock Performance

The company has a market capitalization of $2.37 billion, a PE ratio of -9.38 and a beta of 0.24. The company’s 50-day moving average is $20.59 and its 200 day moving average is $24.97.

Perpetua Resources (NASDAQ:PPTA) last issued its 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 period last year, the firm earned $0.08 EPS. On average, analysts forecast that Perpetua Resources Corp. will post -2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its stake in Perpetua Resources by 8.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 31,673 shares of the company’s stock valued at $683,000 after purchasing an additional 2,500 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Perpetua Resources by 37.1% in the third quarter. Global Retirement Partners LLC now owns 7,055 shares of the company’s stock worth $152,000 after purchasing an additional 1,910 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Perpetua Resources by 249,900.0% in the third quarter. Bessemer Group Inc. now owns 5,000 shares of the company’s stock worth $108,000 after purchasing an additional 4,998 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Perpetua Resources by 12.1% in the third quarter. Russell Investments Group Ltd. now owns 35,552 shares of the company’s stock worth $767,000 after purchasing an additional 3,845 shares during the last quarter. Finally, Capstone Wealth Management Group LLC bought a new stake in shares of Perpetua Resources in the third quarter worth $758,000. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

About Perpetua Resources

Perpetua Resources Corp. is a mineral development company focused on advancing the Stibnite Gold Project in central Idaho. The project is designed to produce gold and antimony, a critical mineral used in defense applications, energy technologies, flame retardants and other industrial products. The company is pursuing the project through its U.S. subsidiary, Stibnite Gold Project LLC. The Stibnite Gold Project is located in the historic Stibnite-Yellow Pine mining district. Perpetua’s activities include permitting, engineering, environmental studies and project development, as well as planning for the restoration of legacy environmental impacts associated with earlier mining in the area.