Perpetua Resources (NASDAQ:PPTA) Reaches New 52-Week High – Here’s What Happened

Perpetua Resources Corp. (NASDAQ:PPTA) reached a new 52-week high during trading on Monday . The stock traded as high as $35.97 and last traded at $34.8840, with a volume of 336592 shares trading hands. The stock had previously closed at $34.50.

Analyst Upgrades and Downgrades

PPTA has been the topic of several research analyst reports. Wall Street Zen lowered shares of Perpetua Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. UBS Group set a $30.00 target price on Perpetua Resources in a research report on Thursday, October 9th. B. Riley reaffirmed a “buy” rating on shares of Perpetua Resources in a report on Thursday, October 30th. BMO Capital Markets set a $44.00 price target on Perpetua Resources in a research note on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday. Two 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $30.67.

Perpetua Resources Trading Down 3.8%

The firm has a fifty day simple moving average of $27.11 and a two-hundred day simple moving average of $22.29. The firm has a market cap of $4.12 billion, a PE ratio of -66.43 and a beta of 0.03.

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

Insider Activity

In other news, Director Alexander Mcleod Sternhell sold 10,148 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $26.50, for a total value of $268,922.00. Following the completion of the sale, the director directly owned 19,352 shares of the company’s stock, valued at $512,828. This trade represents a 34.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey L. Malmen sold 10,181 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $26.34, for a total transaction of $268,167.54. Following the completion of the sale, the director directly owned 19,319 shares in the company, valued at $508,862.46. This trade represents a 34.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 78,017 shares of company stock worth $2,084,188. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perpetua Resources

Several hedge funds have recently made changes to their positions in PPTA. Paulson & CO. Inc. boosted its stake in Perpetua Resources by 30.6% during the second 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. Encompass Capital Advisors LLC raised its holdings in shares of Perpetua Resources by 145.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company’s stock valued at $43,806,000 after buying an additional 2,135,478 shares during the period. Alyeska Investment Group L.P. boosted its stake in shares of Perpetua Resources by 40.4% in 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 purchasing an additional 1,318,008 shares during the period. Vanguard Group Inc. grew its stake in shares of Perpetua Resources by 165.8% in the third quarter. Vanguard Group Inc. now owns 1,912,040 shares of the company’s stock worth $38,685,000 after acquiring an additional 1,192,744 shares in the last quarter. Finally, Monaco Asset Management SAM purchased a new stake in Perpetua Resources during the 2nd quarter worth about $12,662,000. 70.07% of the stock is owned by institutional investors and hedge funds.

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.