Perpetua Resources (NASDAQ:PPTA) Stock Falls 9.5% – Here’s Why

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) traded down 9.5% during trading on Wednesday. The company traded as low as $17.52 and last traded at $17.52. 829,279 shares were traded during trading, a decline of 45% from the average daily volume of 1,516,000 shares. The stock had previously closed at $19.35.

Analysts Set New Price Targets

Several research firms recently commented on PPTA. HC Wainwright reissued a “buy” rating and issued a $43.50 target price on shares of Perpetua Resources in a report on Wednesday, September 30th. B. Riley Financial initiated coverage on Perpetua Resources in a report on Monday, August 3rd. They set a “buy” rating and a $30.00 price target for the company. Scotiabank began coverage on Perpetua Resources in a research report on Tuesday, September 1st. They set a “sector outperform” rating for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.38.

Perpetua Resources Trading Down 12.0%

The firm has a market capitalization of $2.13 billion, a PE ratio of -8.46 and a beta of 0.15. The company has a fifty day moving average price of $23.53 and a two-hundred day moving average price of $24.38.

Perpetua Resources (NASDAQ:PPTA) last released its quarterly earnings results 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 in the prior year, the business earned $0.08 earnings per share. As a group, equities research analysts predict that Perpetua Resources Corp. will post -2.16 earnings per share for the current year.

Hedge Funds Weigh In On Perpetua Resources

Institutional investors have recently added to or reduced their stakes in the stock. Paulson & CO. Inc. purchased a new position in shares of Perpetua Resources during the 2nd quarter worth approximately $671,530,000. BlackRock Inc. purchased a new stake in shares of Perpetua Resources in the second quarter valued at approximately $110,181,000. Alyeska Investment Group L.P. grew its holdings in Perpetua Resources by 363.4% during the second quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company’s stock worth $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 during the second quarter worth $15,128,000. Finally, Wellington Management Group LLP purchased a new position in Perpetua Resources in the second quarter worth $11,904,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

About Perpetua Resources

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.