Perpetua Resources (NASDAQ:PPTA) Upgraded by Zacks Research to Hold Rating

Perpetua Resources (NASDAQ:PPTA) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms have also recently weighed in on PPTA. B. Riley Financial increased their price target on Perpetua Resources from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. HC Wainwright upped their price objective on Perpetua Resources from $41.00 to $43.50 and gave the company a “buy” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a report on Tuesday, April 21st. Six 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. Based on data from MarketBeat, Perpetua Resources currently has an average rating of “Moderate Buy” and an average price target of $35.42.

Perpetua Resources Trading Down 1.1%

PPTA opened at $22.66 on Monday. Perpetua Resources has a 1-year low of $11.68 and a 1-year high of $37.37. The stock’s fifty day simple moving average is $28.30 and its 200 day simple moving average is $28.60. The stock has a market cap of $2.83 billion and a PE ratio of -17.17.

Perpetua Resources (NASDAQ:PPTA) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.21). Equities analysts forecast that Perpetua Resources will post -1.42 earnings per share for the current year.

Insider Buying and Selling at Perpetua Resources

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

Institutional Investors Weigh In On Perpetua Resources

A number of hedge funds have recently added to or reduced their stakes in PPTA. JPMorgan Chase & Co. grew its stake in Perpetua Resources by 3,107.0% in the fourth 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 during the period. Alyeska Investment Group L.P. lifted its holdings in Perpetua Resources by 40.4% during 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 during the period. Vanguard Group Inc. lifted its holdings in Perpetua Resources by 65.1% during the fourth quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock worth $76,447,000 after acquiring an additional 1,245,630 shares during the period. Van ECK Associates Corp lifted its holdings in Perpetua Resources by 53.4% during the third quarter. Van ECK Associates Corp now owns 2,840,546 shares of the company’s stock worth $57,464,000 after acquiring an additional 989,090 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Perpetua Resources by 219.0% in the first quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock valued at $12,634,000 after buying an additional 811,363 shares during the period. Institutional investors and hedge funds 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.