Perpetua Resources (NASDAQ:PPTA) Stock Price Down 8.6% – Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA) dropped 8.6% during mid-day trading on Wednesday . The stock traded as low as $24.00 and last traded at $24.2770. Approximately 650,697 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 2,172,559 shares. The stock had previously closed at $26.55.

Analyst Upgrades and Downgrades

PPTA has been the topic of several research reports. B. Riley reiterated a “buy” rating on shares of Perpetua Resources in a research report on Thursday, October 30th. Roth Capital set a $32.00 target price on Perpetua Resources and gave the company a “buy” rating in a research note on Wednesday, October 22nd. UBS Group set a $30.00 price target on Perpetua Resources in a research report on Thursday, October 9th. Zacks Research raised Perpetua Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Perpetua Resources in a research report on Tuesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $29.00.

Perpetua Resources Stock Down 7.2%

The business’s fifty day moving average is $24.03 and its 200-day moving average is $18.91. The stock has a market capitalization of $3.03 billion, a PE ratio of -49.05 and a beta of 0.02.

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

Insider Activity

In other news, insider Jonathan Cherry sold 14,911 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $23.72, for a total transaction of $353,688.92. Following the completion of the sale, the insider owned 36,249 shares in the company, valued at approximately $859,826.28. The trade was a 29.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Perpetua Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in Perpetua Resources by 4.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,872 shares of the company’s stock valued at $193,000 after purchasing an additional 697 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Perpetua Resources by 50.7% in the third quarter. Jones Financial Companies Lllp now owns 2,751 shares of the company’s stock worth $58,000 after buying an additional 925 shares during the period. Corebridge Financial Inc. grew its stake in shares of Perpetua Resources by 7.8% in the first quarter. Corebridge Financial Inc. now owns 20,644 shares of the company’s stock valued at $221,000 after buying an additional 1,498 shares in the last quarter. Private Trust Co. NA purchased a new stake in shares of Perpetua Resources during the 3rd quarter valued at about $35,000. Finally, Moore Capital Management LP lifted its position in Perpetua Resources by 0.6% during the 3rd quarter. Moore Capital Management LP now owns 304,177 shares of the company’s stock worth $6,154,000 after acquiring an additional 1,777 shares in the last quarter. Institutional investors and hedge funds own 70.07% of the company’s stock.

Perpetua Resources Company Profile

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.