Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Should You Buy?

Perpetua Resources Corp. (NASDAQ:PPTA) shares gapped up prior to trading on Wednesday . The stock had previously closed at $25.18, but opened at $26.88. Perpetua Resources shares last traded at $25.8150, with a volume of 232,783 shares.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PPTA shares. B. Riley Financial boosted their target price on Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, January 22nd. Finally, HC Wainwright upped their price objective on shares of Perpetua Resources from $30.00 to $41.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Perpetua Resources Trading Up 3.9%

The firm has a fifty day moving average of $30.88 and a two-hundred day moving average of $26.31. The company has a market capitalization of $3.27 billion, a PE ratio of -52.60 and a beta of -0.03.

Insider Activity

In related news, Director Jeffrey L. Malmen sold 10,181 shares of Perpetua Resources stock in a transaction on Monday, January 5th. The shares were sold at an average price of $26.34, for a total value of $268,167.54. Following the transaction, the director directly owned 19,319 shares of the company’s stock, valued at $508,862.46. The trade was a 34.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Alan Dean sold 3,308 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $26.28, for a total transaction of $86,934.24. Following the sale, the director directly owned 24,702 shares of the company’s stock, valued at $649,168.56. The trade was a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,249 shares of company stock worth $2,979,254 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently bought and sold shares of PPTA. Paulson & CO. Inc. grew its position in shares of Perpetua Resources by 30.6% in the 2nd quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company’s stock worth $392,696,000 after buying an additional 7,575,757 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Perpetua Resources by 40.4% during the third quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock valued at $92,678,000 after acquiring an additional 1,318,008 shares in the last quarter. Encompass Capital Advisors LLC lifted its stake in Perpetua Resources by 145.0% in the second quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company’s stock worth $43,806,000 after acquiring an additional 2,135,478 shares during the period. Vanguard Group Inc. lifted its stake in Perpetua Resources by 65.1% in the fourth quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock worth $76,447,000 after acquiring an additional 1,245,630 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Perpetua Resources by 3.0% in the fourth quarter. Van ECK Associates Corp now owns 2,925,672 shares of the company’s stock valued at $70,831,000 after acquiring an additional 85,126 shares in the last quarter. Hedge funds and other institutional investors own 70.07% of the company’s stock.

Perpetua Resources Company Profile

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.