Perpetua Resources (NASDAQ:PPTA) Shares Gap Down – Here’s Why

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) gapped down before the market opened on Wednesday . The stock had previously closed at $30.67, but opened at $29.25. Perpetua Resources shares last traded at $29.44, with a volume of 218,400 shares changing hands.

Analysts Set New Price Targets

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

Perpetua Resources Stock Performance

The stock has a market capitalization of $3.32 billion, a PE ratio of -53.22 and a beta of -0.03. The firm has a 50 day moving average of $31.21 and a 200-day moving average of $26.07.

Insider Activity at Perpetua Resources

In other news, Director Alexander Mcleod Sternhell sold 10,148 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $26.50, for a total value of $268,922.00. Following the transaction, the director directly owned 19,352 shares of the company’s stock, valued at approximately $512,828. This represents a 34.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Alan Dean sold 6,490 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $27.55, for a total value of $178,799.50. Following the sale, the director owned 23,510 shares of the company’s stock, valued at approximately $647,700.50. This represents a 21.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 121,739 shares of company stock valued at $3,289,604. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd raised its position in Perpetua Resources by 73.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 101,353 shares of the company’s stock valued at $2,050,000 after acquiring an additional 43,086 shares in the last quarter. TD Asset Management Inc bought a new stake in Perpetua Resources in the third quarter worth approximately $2,648,000. Benjamin Edwards Inc. bought a new stake in Perpetua Resources in the third quarter worth approximately $2,066,000. CIBC Asset Management Inc acquired a new position in shares of Perpetua Resources during the 3rd quarter worth $1,239,000. Finally, Hohimer Wealth Management LLC acquired a new position in shares of Perpetua Resources during the 3rd quarter worth $1,812,000. 70.07% of the stock is owned by hedge funds and other institutional investors.

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.