Perpetua Resources (NASDAQ:PPTA) Stock Price Up 9.9% – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA) shot up 9.9% during trading on Wednesday . The stock traded as high as $22.89 and last traded at $22.73. Approximately 568,435 shares changed hands during trading, a decline of 66% from the average daily volume of 1,662,979 shares. The stock had previously closed at $20.68.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PPTA shares. Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a report on Friday, July 17th. Zacks Research raised shares of Perpetua Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. HC Wainwright boosted their price target on shares of Perpetua Resources from $41.00 to $43.50 and gave the company a “buy” rating in a report on Tuesday, May 26th. Finally, B. Riley Financial initiated coverage on shares of Perpetua Resources in a research report on Monday. They issued a “buy” rating and a $30.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $35.90.

Perpetua Resources Stock Performance

The firm has a 50 day moving average of $21.37 and a 200-day moving average of $26.93. The stock has a market capitalization of $2.81 billion, a PE ratio of -16.95 and a beta of 0.09.

Perpetua Resources (NASDAQ:PPTA) last released its earnings results on Monday, May 11th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.21). On average, sell-side analysts predict that Perpetua Resources Corp. will post -1.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC purchased a new stake in Perpetua Resources in the 4th quarter worth approximately $31,000. UMB Bank n.a. acquired a new position in shares of Perpetua Resources in the fourth quarter worth $36,000. Kestra Advisory Services LLC acquired a new position in shares of Perpetua Resources in the fourth quarter worth $40,000. Pilgrim Partners Asia Pte Ltd raised its holdings in shares of Perpetua Resources by 225.0% during the fourth quarter. Pilgrim Partners Asia Pte Ltd now owns 2,600 shares of the company’s stock worth $63,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in Perpetua Resources during the fourth quarter valued at $63,000. 70.07% of the stock is owned by hedge funds and other institutional investors.

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.