Perpetua Resources (NASDAQ:PPTA) Stock Falls 7.6% – Should You Sell?

Perpetua Resources Corp. (NASDAQ:PPTA) shares were down 7.6% during trading on Tuesday. The stock traded as low as $19.50 and last traded at $19.5510. 285,003 shares were traded during trading, a decline of 81% from the average daily volume of 1,527,151 shares. The stock had previously closed at $21.16.

Analysts Set New Price Targets

A number of analysts have commented on PPTA shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday, October 15th. Zacks Research downgraded Perpetua Resources from a “hold” rating to a “strong sell” rating in a report 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. B. Riley Financial assumed coverage on Perpetua Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $30.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $43.50 target price on shares of Perpetua Resources in a research report on Wednesday, September 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.75.

Perpetua Resources Stock Performance

The stock has a market capitalization of $2.41 billion, a P/E ratio of -9.60 and a beta of 0.24. The firm has a fifty day moving average price of $20.79 and a two-hundred day moving average price of $25.12.

Perpetua Resources (NASDAQ:PPTA) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.59). During the same period in the prior year, the company earned $0.08 earnings per share. On average, research analysts anticipate that Perpetua Resources Corp. will post -2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Perpetua Resources

A number of large investors have recently made changes to their positions in the company. Paulson & CO. Inc. bought a new position in shares of Perpetua Resources in the 2nd quarter worth approximately $671,530,000. BlackRock Inc. purchased a new position in shares of Perpetua Resources in the second quarter worth approximately $110,181,000. Alyeska Investment Group L.P. grew its position in Perpetua Resources by 363.4% during the second quarter. Alyeska Investment Group L.P. now owns 1,099,408 shares of the company’s stock valued at $22,824,000 after buying an additional 862,143 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Perpetua Resources during the second quarter valued at approximately $15,128,000. Finally, Wellington Management Group LLP purchased a new stake in Perpetua Resources during the second quarter valued at approximately $11,904,000. 70.07% of the stock is currently owned by institutional investors.

Perpetua Resources Company Profile

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.