Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Should You Buy?

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $25.18, but opened at $26.88. Perpetua Resources shares last traded at $25.8150, with a volume of 232,783 shares.

Wall Street Analyst Weigh In

PPTA has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday, January 22nd. B. Riley Financial lifted their price target on shares of Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, HC Wainwright increased their price objective on Perpetua Resources from $30.00 to $41.00 and gave the company a “buy” rating in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Perpetua Resources currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Perpetua Resources Trading Up 3.9%

The business has a fifty day moving average of $30.88 and a 200-day moving average of $26.31. The firm has a market cap of $3.27 billion, a PE ratio of -52.60 and a beta of -0.03.

Insider Activity

In other Perpetua Resources news, Director Jeffrey L. Malmen sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $26.57, for a total value of $132,850.00. Following the sale, the director directly owned 14,319 shares in the company, valued at $380,455.83. This represents a 25.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander Mcleod Sternhell sold 3,000 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $29.09, for a total transaction of $87,270.00. Following the transaction, the director owned 16,352 shares of the company’s stock, valued at $475,679.68. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 110,249 shares of company stock worth $2,979,254. Insiders own 1.90% of the company’s stock.

Institutional Trading of Perpetua Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Paulson & CO. Inc. lifted its position in Perpetua Resources by 30.6% during the second quarter. Paulson & CO. Inc. now owns 32,347,299 shares of the company’s stock valued at $392,696,000 after purchasing an additional 7,575,757 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Perpetua Resources by 3,107.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,910,833 shares of the company’s stock valued at $70,471,000 after buying an additional 2,820,067 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in shares of Perpetua Resources by 145.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 3,608,369 shares of the company’s stock worth $43,806,000 after acquiring an additional 2,135,478 shares during the last quarter. Alyeska Investment Group L.P. grew its position in Perpetua Resources by 40.4% in the third quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock worth $92,678,000 after acquiring an additional 1,318,008 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Perpetua Resources by 65.1% in the fourth quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock valued at $76,447,000 after acquiring an additional 1,245,630 shares during the last quarter. Hedge funds and other institutional investors own 70.07% of the company’s stock.

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.