Perpetua Resources (NASDAQ:PPTA) Stock Price Down 9.3% - Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA - Get Free Report) shares dropped 9.3% during trading on Monday . The stock traded as low as $10.95 and last traded at $10.98. Approximately 646,136 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 1,057,502 shares. The stock had previously closed at $12.10.

Wall Street Analysts Forecast Growth

PPTA has been the subject of several recent analyst reports. Roth Mkm raised their target price on shares of Perpetua Resources from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, January 7th. HC Wainwright raised their target price on shares of Perpetua Resources from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, January 7th.

Perpetua Resources Price Performance

The firm has a market capitalization of $801.04 million, a price-to-earnings ratio of -51.82 and a beta of 0.19. The firm's fifty day moving average is $10.87 and its 200 day moving average is $9.05.

Insider Buying and Selling

In related 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 transaction, the insider now owns 65,571 shares of the company's stock, valued at approximately $660,299.97. This trade represents a 37.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPTA. Bank of New York Mellon Corp raised its position in Perpetua Resources by 20.0% during 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 in the last quarter. Rhumbline Advisers raised its position in Perpetua Resources by 51.0% during the second quarter. Rhumbline Advisers now owns 49,450 shares of the company's stock valued at $257,000 after acquiring an additional 16,698 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Perpetua Resources in the second quarter valued at approximately $124,000. Herr Investment Group LLC raised its position in shares of 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 during the period. Finally, Marshall Wace LLP bought a new position in shares of Perpetua Resources in the second quarter valued at approximately $197,000. Institutional investors own 70.07% of the company's stock.

Perpetua Resources Company Profile

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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