Perpetua Resources (NASDAQ:PPTA) Shares Gap Up - Here's What Happened

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $8.19, but opened at $8.50. Perpetua Resources shares last traded at $8.54, with a volume of 69,561 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PPTA. Roth Mkm boosted their target price on shares of Perpetua Resources from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday, January 7th. HC Wainwright boosted their target price on shares of Perpetua Resources from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, January 7th.

Perpetua Resources Trading Up 0.3 %

The stock's 50-day moving average is $10.75 and its 200-day moving average is $10.17. The firm has a market capitalization of $648.54 million, a price-to-earnings ratio of -41.91 and a beta of 0.27.

Insider Buying and Selling

In related news, insider Alan Douglas Haslam sold 10,400 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $9.24, for a total transaction of $96,096.00. Following the completion of the transaction, the insider now directly owns 65,763 shares in the company, valued at $607,650.12. This represents a 13.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mckinsey Margaret Lyon sold 22,710 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $8.82, for a total transaction of $200,302.20. Following the transaction, the insider now owns 89,154 shares of the company's stock, valued at approximately $786,338.28. This represents a 20.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 20,230 shares of company stock worth $166,582 in the last three months. 1.90% of the stock is owned by corporate insiders.

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Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new position in Perpetua Resources in the 4th quarter valued at approximately $1,937,000. Squarepoint Ops LLC increased its position in Perpetua Resources by 222.4% in the 4th quarter. Squarepoint Ops LLC now owns 246,029 shares of the company's stock valued at $2,625,000 after acquiring an additional 169,713 shares during the period. Tidal Investments LLC acquired a new position in Perpetua Resources in the 4th quarter valued at approximately $143,000. ProShare Advisors LLC acquired a new position in Perpetua Resources in the 4th quarter valued at approximately $116,000. Finally, Millennium Management LLC increased its position in Perpetua Resources by 226.7% in the 4th quarter. Millennium Management LLC now owns 370,536 shares of the company's stock valued at $3,954,000 after acquiring an additional 257,130 shares during the period. 70.07% of the stock is currently owned by institutional investors and hedge funds.

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.