Perpetua Resources (NASDAQ:PPTA) Shares Gap Down Following Insider Selling

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $9.23, but opened at $8.97. Perpetua Resources shares last traded at $8.70, with a volume of 480,391 shares trading hands.

Specifically, insider Alan Douglas Haslam sold 10,400 shares of Perpetua Resources 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 transaction, the insider now directly owns 65,763 shares of the company’s stock, valued at $607,650.12. This trade represents a 13.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PPTA shares. HC Wainwright lifted their price objective on shares of Perpetua Resources from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Roth Mkm lifted their price objective on shares of Perpetua Resources from $15.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, January 7th.

Perpetua Resources Price Performance

The company’s fifty day simple moving average is $11.48 and its 200-day simple moving average is $10.07. The firm has a market capitalization of $587.34 million, a PE ratio of -37.95 and a beta of 0.20.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC grew its holdings in Perpetua Resources by 222.4% in the fourth quarter. Squarepoint Ops LLC now owns 246,029 shares of the company’s stock worth $2,625,000 after purchasing an additional 169,713 shares during the last quarter. Tidal Investments LLC purchased a new position in Perpetua Resources in the fourth quarter worth $143,000. Polar Asset Management Partners Inc. purchased a new position in Perpetua Resources in the fourth quarter worth $1,937,000. ProShare Advisors LLC acquired a new stake in shares of Perpetua Resources during the fourth quarter worth $116,000. Finally, Millennium Management LLC lifted its stake in shares of Perpetua Resources by 226.7% during the fourth quarter. Millennium Management LLC now owns 370,536 shares of the company’s stock worth $3,954,000 after buying an additional 257,130 shares during the period. 70.07% of the stock is owned by hedge funds and other 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.