Perpetua Resources (NASDAQ:PPTA) Stock Dropped to Strong Sell by Zacks Research

Zacks Research downgraded shares of Perpetua Resources (NASDAQ:PPTA) from a hold rating to a strong sell rating in a research report sent to investors on Thursday,Zacks reports.

A number of other brokerages have also recently commented on PPTA. HC Wainwright reaffirmed a “buy” rating and set a $43.50 price target on shares of Perpetua Resources in a research report on Wednesday, September 30th. B. Riley Financial began coverage on Perpetua Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $30.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday. Finally, Scotiabank assumed coverage on Perpetua Resources in a research note on Tuesday, September 1st. They issued a “sector outperform” rating for the company. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.38.

Perpetua Resources Trading Up 3.8%

Shares of NASDAQ PPTA traded up $0.70 during midday trading on Thursday, reaching $19.21. The company had a trading volume of 1,492,919 shares, compared to its average volume of 1,035,332. The business’s 50-day simple moving average is $23.22 and its 200 day simple moving average is $24.23. The stock has a market cap of $2.40 billion, a P/E ratio of -9.51 and a beta of 0.15. Perpetua Resources has a 1 year low of $16.43 and a 1 year high of $37.37.

Perpetua Resources (NASDAQ:PPTA) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same period last year, the business posted $0.08 EPS. Analysts predict that Perpetua Resources will post -2.16 earnings per share for the current year.

Hedge Funds Weigh In On Perpetua Resources

Several institutional investors and hedge funds have recently modified their holdings of PPTA. Paulson & CO. Inc. purchased a new stake in shares of Perpetua Resources in the second quarter worth about $671,530,000. BlackRock Inc. acquired a new position in Perpetua Resources in the second quarter valued at approximately $110,181,000. Alyeska Investment Group L.P. lifted its holdings in Perpetua Resources by 363.4% in the second quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company’s stock valued at $22,824,000 after acquiring an additional 862,143 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Perpetua Resources in the second quarter valued at approximately $15,128,000. Finally, Wellington Management Group LLP purchased a new stake in Perpetua Resources in the 2nd quarter worth approximately $11,904,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

Perpetua Resources Company Profile

Perpetua Resources Corp. is a mineral development company focused on advancing the Stibnite Gold Project in central Idaho. The project is designed to produce gold and antimony, a critical mineral used in defense applications, energy technologies, flame retardants and other industrial products. The company is pursuing the project through its U.S. subsidiary, Stibnite Gold Project LLC.

The Stibnite Gold Project is located in the historic Stibnite-Yellow Pine mining district. Perpetua’s activities include permitting, engineering, environmental studies and project development, as well as planning for the restoration of legacy environmental impacts associated with earlier mining in the area.