Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Time to Buy?

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $26.72, but opened at $28.95. Perpetua Resources shares last traded at $26.1780, with a volume of 656,924 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on PPTA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a research note on Tuesday, April 21st. B. Riley Financial raised their target price on shares of Perpetua Resources from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Zacks Research downgraded shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. Finally, HC Wainwright restated a “buy” rating and set a $41.00 price objective on shares of Perpetua Resources in a research report on Wednesday, April 8th. Six research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Perpetua Resources has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Perpetua Resources Stock Down 3.9%

The company’s fifty day moving average price is $29.02 and its 200 day moving average price is $28.35. The company has a market capitalization of $3.21 billion, a P/E ratio of -19.46 and a beta of 0.02.

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

Insider Activity at Perpetua Resources

In other news, insider Jonathan Cherry sold 4,079 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total transaction of $119,555.49. Following the transaction, the insider directly owned 44,895 shares of the company’s stock, valued at approximately $1,315,872.45. This trade represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mckinsey Margaret Lyon sold 8,699 shares of Perpetua Resources stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total transaction of $256,881.47. Following the completion of the transaction, the insider directly owned 142,329 shares in the company, valued at $4,202,975.37. This trade represents a 5.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC bought a new position in Perpetua Resources in the fourth quarter valued at approximately $31,000. UMB Bank n.a. acquired a new stake in Perpetua Resources in the fourth quarter valued at about $36,000. Kestra Advisory Services LLC acquired a new stake in Perpetua Resources in the fourth quarter valued at about $40,000. Aventura Private Wealth LLC acquired a new stake in Perpetua Resources in the fourth quarter valued at about $48,000. Finally, Jones Financial Companies Lllp boosted its stake in Perpetua Resources by 50.7% in 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 in the last quarter. 70.07% of the stock is owned by institutional investors.

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.