Perpetua Resources (NASDAQ:PPTA) Trading Down 7.8% – Here’s Why

Perpetua Resources Corp. (NASDAQ:PPTA)’s stock price dropped 7.8% on Monday . The company traded as low as $11.31 and last traded at $11.37. Approximately 191,674 shares changed hands during trading, a decline of 42% from the average daily volume of 329,207 shares. The stock had previously closed at $12.33.

Wall Street Analyst Weigh In

PPTA has been the topic of a number of recent research reports. National Bank Financial began coverage on shares of Perpetua Resources in a research note on Friday, September 6th. They issued an “outperform” rating on the stock. HC Wainwright boosted their price target on Perpetua Resources from $13.25 to $22.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $15.00 price objective on shares of Perpetua Resources in a research report on Thursday, December 12th.

Perpetua Resources Price Performance

The stock’s 50-day moving average is $10.42 and its 200 day moving average is $8.50. The stock has a market cap of $804.80 million, a price-to-earnings ratio of -52.14 and a beta of 0.22.

Insider Activity

In other news, insider Alan Douglas Haslam sold 40,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $10.07, for a total value of $402,800.00. Following the completion of the transaction, the insider now owns 65,571 shares in the company, valued at $660,299.97. This trade represents a 37.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPTA. Geode Capital Management LLC lifted its position in shares of Perpetua Resources by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 484,829 shares of the company’s stock valued at $4,533,000 after acquiring an additional 2,252 shares during the period. Jane Street Group LLC raised its holdings in Perpetua Resources by 4.3% during the third quarter. Jane Street Group LLC now owns 63,527 shares of the company’s stock worth $597,000 after purchasing an additional 2,605 shares during the last quarter. Continuum Advisory LLC raised its holdings in Perpetua Resources by 500.0% during the third quarter. Continuum Advisory LLC now owns 4,800 shares of the company’s stock worth $44,000 after purchasing an additional 4,000 shares during the last quarter. Virtu Financial LLC boosted its position in Perpetua Resources by 43.6% during the third quarter. Virtu Financial LLC now owns 34,478 shares of the company’s stock worth $322,000 after purchasing an additional 10,463 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Perpetua Resources in the third quarter valued at $98,000. 70.07% of the stock is currently owned by institutional investors and hedge funds.

About Perpetua Resources

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.