Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Time to Buy?

Shares of Perpetua Resources Corp. (NASDAQ:PPTA) gapped up prior to trading on Wednesday . The stock had previously closed at $23.79, but opened at $25.35. Perpetua Resources shares last traded at $25.0250, with a volume of 145,737 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. HC Wainwright restated a “buy” rating and set a $43.50 price target on shares of Perpetua Resources in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a report on Friday, July 17th. B. Riley Financial assumed coverage on shares of Perpetua Resources in a research note on Monday, August 3rd. They set a “buy” rating and a $30.00 price target on the stock. Finally, Zacks Research upgraded shares of Perpetua Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Four 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.90.

Perpetua Resources Price Performance

The firm has a market capitalization of $3.13 billion, a PE ratio of -12.40 and a beta of 0.09. The business has a 50-day simple moving average of $21.38 and a 200-day simple moving average of $26.25.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Paulson & CO. Inc. purchased a new stake in shares of Perpetua Resources in the second quarter valued at $671,530,000. BlackRock Inc. purchased a new position in shares of Perpetua Resources during the 2nd quarter worth about $110,181,000. Alyeska Investment Group L.P. grew its holdings in Perpetua Resources by 40.4% during the 3rd quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock valued at $92,678,000 after purchasing an additional 1,318,008 shares during the last quarter. Vanguard Group Inc. grew its holdings in Perpetua Resources by 65.1% during the 4th quarter. Vanguard Group Inc. now owns 3,157,670 shares of the company’s stock valued at $76,447,000 after purchasing an additional 1,245,630 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Perpetua Resources by 3.0% in the 4th quarter. Van ECK Associates Corp now owns 2,925,672 shares of the company’s stock worth $70,831,000 after purchasing an additional 85,126 shares during the period. 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.