Perpetua Resources (NASDAQ:PPTA) Stock Price Down 12.6% – Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA)’s share price fell 12.6% during trading on Friday . The stock traded as low as $28.23 and last traded at $28.0210. 1,991,864 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 2,096,140 shares. The stock had previously closed at $32.06.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PPTA. Roth Mkm set a $32.00 target price on shares of Perpetua Resources and gave the stock a “buy” rating in a report on Wednesday, October 22nd. BMO Capital Markets set a $44.00 price objective on Perpetua Resources in a research report on Tuesday, October 28th. Wall Street Zen lowered Perpetua Resources from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. B. Riley reaffirmed a “buy” rating on shares of Perpetua Resources in a report on Thursday, October 30th. Finally, Zacks Research raised Perpetua Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Perpetua Resources presently has an average rating of “Buy” and an average price target of $30.67.

Perpetua Resources Trading Down 14.7%

The company has a market cap of $3.39 billion, a price-to-earnings ratio of -54.69 and a beta of 0.03. The business has a fifty day moving average price of $27.97 and a two-hundred day moving average price of $22.72.

Perpetua Resources (NASDAQ:PPTA) last issued its earnings results on Friday, November 14th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.23). On average, analysts anticipate that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Insider Transactions at Perpetua Resources

In related news, Director Alexander Mcleod Sternhell sold 10,148 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $26.50, for a total transaction of $268,922.00. Following the transaction, the director owned 19,352 shares of the company’s stock, valued at approximately $512,828. This trade represents a 34.40% 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. Also, insider Mckinsey Margaret Lyon sold 32,490 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $26.61, for a total transaction of $864,558.90. Following the completion of the sale, the insider directly owned 96,664 shares of the company’s stock, valued at $2,572,229.04. This represents a 25.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 78,017 shares of company stock worth $2,084,188. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. U S Global Investors Inc. raised its holdings in Perpetua Resources by 66.7% in the 2nd quarter. U S Global Investors Inc. now owns 50,000 shares of the company’s stock valued at $607,000 after acquiring an additional 20,000 shares in the last quarter. Monaco Asset Management SAM bought a new stake in shares of Perpetua Resources during the second quarter valued at approximately $12,662,000. Y Intercept Hong Kong Ltd raised its stake in shares of Perpetua Resources by 73.9% in the third quarter. Y Intercept Hong Kong Ltd now owns 101,353 shares of the company’s stock valued at $2,050,000 after purchasing an additional 43,086 shares in the last quarter. Benjamin Edwards Inc. bought a new position in Perpetua Resources in the third quarter worth $2,066,000. Finally, Worth Venture Partners LLC acquired a new stake in Perpetua Resources during the second quarter worth $212,000. 70.07% of the stock is currently owned by institutional investors and hedge funds.

About Perpetua Resources

Perpetua Resources Inc (NASDAQ: PPTA), formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.