Perpetua Resources (NASDAQ:PPTA) Stock Price Crosses Above 50-Day Moving Average – Time to Sell?

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $20.79 and traded as high as $21.39. Perpetua Resources shares last traded at $21.16, with a volume of 1,930,991 shares trading hands.

Analysts Set New Price Targets

Several research firms have issued reports on PPTA. HC Wainwright reaffirmed a “buy” rating and set a $43.50 price target on shares of Perpetua Resources in a research note on Wednesday, September 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday, October 15th. B. Riley Financial initiated coverage on shares of Perpetua Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $30.00 price objective for the company. Scotiabank initiated coverage on shares of Perpetua Resources in a research report on Tuesday, September 1st. They issued a “sector outperform” rating for the company. Finally, Zacks Research downgraded shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Three research 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 stock has a consensus rating of “Hold” and a consensus target price of $36.75.

Perpetua Resources Stock Down 2.0%

The firm has a fifty day moving average price of $20.59 and a 200-day moving average price of $24.97. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -9.38 and a beta of 0.24.

Perpetua Resources (NASDAQ:PPTA) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.59). During the same quarter last year, the firm earned $0.08 earnings per share. Equities research analysts anticipate that Perpetua Resources Corp. will post -2.16 earnings per share for the current fiscal year.

Institutional Trading of Perpetua Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paulson & CO. Inc. acquired a new position in shares of Perpetua Resources during the 2nd quarter valued at about $671,530,000. BlackRock Inc. acquired a new stake in shares of Perpetua Resources in the second quarter worth approximately $110,181,000. Amundi grew its holdings in Perpetua Resources by 37.3% in the first quarter. Amundi now owns 1,384,758 shares of the company’s stock valued at $38,939,000 after purchasing an additional 375,962 shares during the period. Alyeska Investment Group L.P. grew 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 purchasing an additional 862,143 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Perpetua Resources in the second quarter valued at approximately $15,128,000. Hedge funds and other institutional investors 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.