Shares of Perpetua Resources Corp. (NASDAQ: PPTA) received a consensus rating of “Buy” from ten analysts monitoring the company, according to MarketBeat Ratings. The average target price set by these brokerages stands at $29.00. While one analyst recommends selling the stock, seven analysts support a buy recommendation and two advocate for a strong buy.
Research reports on Perpetua Resources reflect a variety of opinions. On October 8, Weiss Ratings reaffirmed a “sell (D-)” rating for the company. Conversely, on October 30, B. Riley reiterated a “buy” rating. Earlier, on September 23, HC Wainwright set a target price of $30.00 while maintaining a buy rating. Additionally, Zacks Research upgraded the stock from “hold” to “strong buy” on October 17, and Roth Capital set a target price of $32.00 with a buy rating on October 22.
Recent Earnings and Insider Activity
In its latest quarterly earnings report on November 14, Perpetua Resources disclosed a loss of ($0.24) earnings per share, falling short of analysts’ consensus estimate of ($0.01). Analysts project that for the current fiscal year, the company will report earnings per share of ($0.21).
In related news, insider Jonathan Cherry sold 14,911 shares of the company on October 6 at an average price of $23.72, resulting in a total transaction value of approximately $353,688.92. Following this sale, Cherry’s ownership in the company decreased by 29.15%, leaving him with 36,249 shares valued at about $859,826.28. This transaction was reported in a filing with the U.S. Securities and Exchange Commission (SEC).
Company insiders hold approximately 1.50% of the company’s stock, indicating limited insider ownership.
Institutional Investment Trends
Recent trading activity among institutional investors suggests a dynamic environment for Perpetua Resources. Paulson & Co. Inc. increased its stake by 30.6% in the second quarter, acquiring 32,347,299 shares valued at around $392.7 million after purchasing an additional 7,575,757 shares.
Similarly, Alyeska Investment Group L.P. enhanced its holdings by 40.4% in the third quarter, bringing its total to 4,581,234 shares worth approximately $92.7 million. Encompass Capital Advisors LLC also expanded its position significantly, increasing its share count by 145.0% to 3,608,369 shares valued at around $43.8 million.
Overall, institutional investors and hedge funds own about 70.07% of Perpetua Resources’ stock, reflecting a strong interest in the company’s potential.
Perpetua Resources Corp. focuses on the exploration and development of mineral properties, primarily targeting deposits of gold, silver, and antimony. Its flagship asset is the Stibnite Gold project, located in Valley County, Idaho, which encompasses 1,672 unpatented lode claims across an area of approximately 11,548 hectares.
The ongoing support from analysts and institutional investors underscores the market’s optimistic outlook for the company, despite the challenges reflected in its recent earnings report.
