Perpetua Resources (NASDAQ:PPTA) Shares Gap Up Following Analyst Upgrade

Perpetua Resources Corp. (NASDAQ:PPTA) gapped up before the market opened on Friday after HC Wainwright raised their price target on the stock from $13.25 to $22.00. The stock had previously closed at $9.10, but opened at $9.43. HC Wainwright currently has a buy rating on the stock. Perpetua Resources shares last traded at $9.77, with a volume of 132,325 shares trading hands.

Several other research analysts have also issued reports on PPTA. Roth Mkm increased their target price on Perpetua Resources from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. National Bank Financial assumed coverage on Perpetua Resources in a report on Friday, September 6th. They issued an “outperform” rating for the company.

Insider Transactions at Perpetua Resources

In other news, insider Alan Douglas Haslam sold 40,000 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $10.07, for a total transaction of $402,800.00. Following the transaction, the insider now directly owns 65,571 shares of the company’s stock, valued at $660,299.97. This represents a 37.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Perpetua Resources

A number of hedge funds have recently bought and sold shares of the business. Herr Investment Group LLC boosted its holdings 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 worth $7,543,000 after buying an additional 80,000 shares during the last quarter. Fourth Sail Capital LP bought a new stake in shares of Perpetua Resources during the 3rd quarter valued at $10,405,000. State Street Corp grew its position in shares of Perpetua Resources by 8.8% during the 3rd quarter. State Street Corp now owns 593,502 shares of the company’s stock valued at $5,549,000 after acquiring an additional 48,220 shares during the period. Russell Investments Group Ltd. raised its holdings in Perpetua Resources by 1.6% in the 1st quarter. Russell Investments Group Ltd. now owns 581,600 shares of the company’s stock worth $2,419,000 after purchasing an additional 8,985 shares during the period. Finally, M&G Plc purchased a new position in Perpetua Resources during the first quarter valued at $805,000. Hedge funds and other institutional investors own 70.07% of the company’s stock.

Perpetua Resources Price Performance

The company has a 50-day moving average of $9.37 and a two-hundred day moving average of $7.49. The company has a market capitalization of $705.63 million, a PE ratio of -47.95 and a beta of 0.27.

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.