Perpetua Resources Corp. (NASDAQ:PPTA) Sees Large Decline in Short Interest

Perpetua Resources Corp. (NASDAQ:PPTA) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 1,030,000 shares, a decline of 13.4% from the August 31st total of 1,190,000 shares. Approximately 1.6% of the company’s stock are short sold. Based on an average trading volume of 324,700 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $13.25 target price on shares of Perpetua Resources in a report on Thursday, August 22nd. National Bank Financial started coverage on Perpetua Resources in a research note on Friday, September 6th. They set an “outperform” rating for the company.

Perpetua Resources Stock Performance

Shares of PPTA stock opened at $9.53 on Friday. The company has a market capitalization of $615.10 million, a price-to-earnings ratio of -35.30 and a beta of 0.29. Perpetua Resources has a one year low of $2.69 and a one year high of $10.19. The company’s 50-day moving average is $7.86 and its 200 day moving average is $6.42.

Perpetua Resources (NASDAQ:PPTA) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. As a group, research analysts predict that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Perpetua Resources

Several hedge funds and other institutional investors have recently modified their holdings of PPTA. Marshall Wace LLP bought a new stake in shares of Perpetua Resources during the 2nd quarter valued at $197,000. Herr Investment Group LLC lifted its holdings in Perpetua Resources by 5.8% during 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. American Century Companies Inc. bought a new position in shares of Perpetua Resources in the second quarter worth approximately $124,000. National Bank of Canada FI raised its position in shares of Perpetua Resources by 37.5% during the 2nd quarter. National Bank of Canada FI now owns 55,000 shares of the company’s stock valued at $281,000 after purchasing an additional 15,000 shares during the period. Finally, Rhumbline Advisers increased its stake in Perpetua Resources by 51.0% in the 2nd quarter. Rhumbline Advisers now owns 49,450 shares of the company’s stock worth $257,000 after buying an additional 16,698 shares in the last quarter. 70.07% of the stock is owned by institutional investors.

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.