Perpetua Resources (NASDAQ:PPTA) Shares Down 9.2% - What's Next?

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s stock price traded down 9.2% on Friday . The company traded as low as $9.45 and last traded at $9.49. 472,102 shares traded hands during mid-day trading, an increase of 83% from the average session volume of 258,226 shares. The stock had previously closed at $10.45.

Analyst Upgrades and Downgrades

PPTA has been the topic of several recent analyst reports. Roth Mkm lifted their price objective on shares of Perpetua Resources from $12.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. HC Wainwright reissued a "buy" rating and issued a $13.25 price target on shares of Perpetua Resources in a report on Thursday, August 22nd. Finally, National Bank Financial assumed coverage on Perpetua Resources in a report on Friday, September 6th. They set an "outperform" rating on the stock.

Perpetua Resources Stock Performance

The firm's fifty day simple moving average is $9.32 and its 200 day simple moving average is $7.39. The stock has a market capitalization of $630.42 million, a price-to-earnings ratio of -45.19 and a beta of 0.27.

Perpetua Resources (NASDAQ:PPTA - Get Free Report) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. Analysts forecast that Perpetua Resources Corp. will post -0.21 earnings per share for the current year.

Insider Activity

In other news, insider Alan Douglas Haslam sold 40,000 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $10.07, for a total transaction of $402,800.00. Following the completion of the transaction, the insider now directly owns 65,571 shares of the company's stock, valued at $660,299.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Perpetua Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Herr Investment Group LLC grew its stake in Perpetua Resources by 5.8% in the second quarter. Herr Investment Group LLC now owns 1,450,498 shares of the company's stock valued at $7,543,000 after purchasing an additional 80,000 shares in the last quarter. Fourth Sail Capital LP bought a new position in shares of Perpetua Resources in the third quarter valued at $10,405,000. Russell Investments Group Ltd. increased its holdings in Perpetua Resources by 1.6% during the first quarter. Russell Investments Group Ltd. now owns 581,600 shares of the company's stock worth $2,419,000 after buying an additional 8,985 shares during the last quarter. M&G Plc bought a new stake in Perpetua Resources during the first quarter worth $805,000. Finally, Bank of New York Mellon Corp lifted its stake in Perpetua Resources by 20.0% in the second quarter. Bank of New York Mellon Corp now owns 107,551 shares of the company's stock valued at $559,000 after acquiring an additional 17,954 shares during the last quarter. Institutional investors and hedge funds own 70.07% of the company's stock.

About Perpetua Resources

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.

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