Perpetua Resources (NASDAQ:PPTA) Sees Strong Trading Volume – Time to Buy?

Perpetua Resources Corp. (NASDAQ:PPTA) shares saw unusually-strong trading volume on Wednesday . 5,967,830 shares changed hands during mid-day 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.

Wall Street Analysts Forecast Growth

PPTA has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research report on Tuesday, April 21st. HC Wainwright upped their price target on shares of Perpetua Resources from $41.00 to $43.50 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Zacks Research raised shares of Perpetua Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Finally, B. Riley Financial lifted their price objective on shares of Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Perpetua Resources presently has an average rating of “Moderate Buy” and an average target price of $35.42.

Perpetua Resources Stock Performance

The stock has a market capitalization of $3.04 billion and a PE ratio of -18.42. The firm has a 50 day moving average of $27.69 and a 200-day moving average of $28.62.

Perpetua Resources (NASDAQ:PPTA) last released its earnings results on Monday, May 11th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.21). On average, sell-side analysts predict that Perpetua Resources Corp. will post -1.42 earnings per share for the current year.

Insider Activity at Perpetua Resources

In other Perpetua Resources news, insider Mckinsey Margaret Lyon sold 8,699 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total value 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. This represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jonathan Cherry sold 4,079 shares of Perpetua Resources stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total transaction of $119,555.49. Following the sale, the insider directly owned 44,895 shares of the company’s stock, valued at $1,315,872.45. This trade represents a 8.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Perpetua Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its stake in Perpetua Resources by 12.6% in the first quarter. AQR Capital Management LLC now owns 15,909 shares of the company’s stock valued at $170,000 after purchasing an additional 1,780 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Perpetua Resources by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,958 shares of the company’s stock worth $672,000 after purchasing an additional 2,680 shares during the last quarter. Millennium Management LLC raised its stake in shares of Perpetua Resources by 219.0% during the 1st quarter. Millennium Management LLC now owns 1,181,899 shares of the company’s stock worth $12,634,000 after purchasing an additional 811,363 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Perpetua Resources by 1.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 108,921 shares of the company’s stock worth $1,164,000 after purchasing an additional 1,835 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of Perpetua Resources during the 2nd quarter valued at about $134,000. 70.07% of the stock is currently owned by hedge funds and other institutional investors.

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.