Perpetua Resources (NASDAQ:PPTA) Stock Jumps 12.8% – What’s Next?

Perpetua Resources Corp. (NASDAQ:PPTA) shares rose 12.8% during trading on Friday. The company traded as high as $18.59 and last traded at $18.8960. 911,804 shares were traded during trading, a decline of 40% from the average daily volume of 1,520,741 shares. The stock had previously closed at $16.75.

Analyst Ratings Changes

A number of research firms have recently issued reports on PPTA. Zacks Research lowered Perpetua Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Scotiabank initiated coverage on Perpetua Resources in a research report on Tuesday, September 1st. They set a “sector outperform” rating on the stock. HC Wainwright reissued a “buy” rating and set a $43.50 price target on shares of Perpetua Resources in a research report on Wednesday, September 30th. B. Riley Financial initiated coverage on Perpetua Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $30.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a research report on Thursday, October 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Perpetua Resources has an average rating of “Hold” and an average target price of $36.75.

Perpetua Resources Trading Up 13.7%

The business’s 50-day simple moving average is $21.01 and its two-hundred day simple moving average is $25.24. The company has a market capitalization of $2.38 billion, a PE ratio of -9.35 and a beta of 0.24.

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

Institutional Investors Weigh In On Perpetua Resources

Several hedge funds and other institutional investors have recently bought and sold shares of PPTA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Perpetua Resources by 3,480.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 251,152 shares of the company’s stock worth $5,214,000 after buying an additional 244,137 shares during the last quarter. Paulson & CO. Inc. acquired a new position in shares of Perpetua Resources in the 2nd quarter worth approximately $671,530,000. Legal & General Group Plc bought a new stake in shares of Perpetua Resources in the 2nd quarter valued at approximately $1,532,000. Bank of New York Mellon Corp bought a new stake in shares of Perpetua Resources in the 2nd quarter valued at approximately $4,802,000. Finally, Royal Bank of Canada raised its position in shares of Perpetua Resources by 24.1% during the 1st quarter. Royal Bank of Canada now owns 485,118 shares of the company’s stock valued at $13,641,000 after acquiring an additional 94,302 shares in the last quarter. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

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.