Perpetua Resources (NASDAQ:PPTA) Shares Gap Up – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $8.19, but opened at $8.50. Perpetua Resources shares last traded at $8.54, with a volume of 69,561 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PPTA. Roth Mkm increased their price objective on shares of Perpetua Resources from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. HC Wainwright upped their target price on shares of Perpetua Resources from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th.

Perpetua Resources Stock Up 0.3 %

The firm’s fifty day moving average price is $10.75 and its 200 day moving average price is $10.17. The stock has a market cap of $648.54 million, a PE ratio of -41.91 and a beta of 0.27.

Insider Buying and Selling at Perpetua Resources

In other news, insider Alan Douglas Haslam sold 10,400 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $9.24, for a total transaction of $96,096.00. Following the sale, the insider now directly owns 65,763 shares of the company’s stock, valued at $607,650.12. This represents a 13.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Alan Dean bought 5,000 shares of the stock in a transaction dated Friday, February 21st. The shares were purchased at an average price of $8.32 per share, with a total value of $41,600.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $83,200. The trade was a 100.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 20,230 shares of company stock valued at $166,582 in the last 90 days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Perpetua Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fourth Sail Capital LP bought a new position in shares of Perpetua Resources in the 3rd quarter valued at about $10,405,000. Amundi purchased a new stake in Perpetua Resources during the fourth quarter valued at approximately $7,788,000. Millennium Management LLC lifted its stake in shares of Perpetua Resources by 226.7% in the 4th quarter. Millennium Management LLC now owns 370,536 shares of the company’s stock valued at $3,954,000 after purchasing an additional 257,130 shares during the last quarter. Cohen & Steers Inc. purchased a new position in shares of Perpetua Resources in the 4th quarter worth approximately $2,729,000. Finally, Yaupon Capital Management LP purchased a new position in shares of Perpetua Resources in the 4th quarter worth approximately $2,668,000. 70.07% of the stock is owned by hedge funds and other institutional investors.

Perpetua Resources Company Profile

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho.