Perpetua Resources (NASDAQ:PPTA) Sees Strong Trading Volume – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA) shares saw unusually-strong trading volume on Wednesday . Approximately 5,967,830 shares changed hands during trading, an increase of 233% from the previous session’s volume of 1,789,461 shares.The stock last traded at $25.8710 and had previously closed at $25.77.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PPTA shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a report on Tuesday, April 21st. HC Wainwright increased their target price on Perpetua Resources from $41.00 to $43.50 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Zacks Research upgraded Perpetua Resources from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, B. Riley Financial increased their target price on Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Six 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.42.

Perpetua Resources Stock Down 1.8%

The company has a market cap of $3.17 billion and a P/E ratio of -19.02. The business has a 50-day moving average price of $27.87 and a two-hundred day moving average price of $28.63.

Perpetua Resources (NASDAQ:PPTA) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.21). As a group, sell-side analysts expect that Perpetua Resources Corp. will post -1.42 EPS for the current fiscal year.

Insider Activity at Perpetua Resources

In other news, insider Mckinsey Margaret Lyon sold 8,699 shares of Perpetua Resources stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total transaction of $256,881.47. Following the completion of the sale, the insider owned 142,329 shares in the company, valued at $4,202,975.37. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan Cherry sold 4,079 shares of Perpetua Resources stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $29.31, for a total transaction of $119,555.49. Following the sale, the insider owned 44,895 shares of the company’s stock, valued at approximately $1,315,872.45. This represents a 8.33% decrease in their position. The SEC filing for this sale provides additional information. 0.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. boosted its position in shares of Perpetua Resources by 40.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock worth $92,678,000 after purchasing an additional 1,318,008 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Perpetua Resources by 65.1% in the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock valued at $76,447,000 after buying an additional 1,245,630 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Perpetua Resources by 3.0% in the 4th quarter. Van ECK Associates Corp now owns 2,925,672 shares of the company’s stock valued at $70,831,000 after purchasing an additional 85,126 shares during the period. JPMorgan Chase & Co. lifted its position in Perpetua Resources by 3,107.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company’s stock valued at $70,471,000 after acquiring an additional 2,820,067 shares in the last quarter. Finally, State Street Corp lifted its position in Perpetua Resources by 12.1% in the 4th quarter. State Street Corp now owns 1,474,406 shares of the company’s stock valued at $35,695,000 after acquiring an additional 159,633 shares in the last quarter. 70.07% of the stock is currently owned by institutional investors.

About Perpetua Resources

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.