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

Perpetua Resources Corp. (NASDAQ:PPTA) shares gapped up before the market opened on Tuesday . The stock had previously closed at $9.03, but opened at $10.01. Perpetua Resources shares last traded at $10.19, with a volume of 448,608 shares changing hands.

Analyst Ratings Changes

PPTA has been the subject of several recent research reports. National Bank Financial began coverage on Perpetua Resources in a report on Friday, September 6th. They issued an “outperform” rating for the company. Roth Mkm upped their price target on Perpetua Resources from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, HC Wainwright raised their price objective on shares of Perpetua Resources from $13.25 to $22.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Perpetua Resources Price Performance

The company has a 50 day moving average of $9.61 and a 200-day moving average of $7.86. The company has a market cap of $647.95 million, a P/E ratio of -46.32 and a beta of 0.23.

Insider Activity

In other news, insider Alan Douglas Haslam sold 40,000 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $10.07, for a total value of $402,800.00. Following the transaction, the insider now owns 65,571 shares of the company’s stock, valued at $660,299.97. This represents a 37.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Continuum Advisory LLC boosted its stake in shares of Perpetua Resources by 500.0% during the third quarter. Continuum Advisory LLC now owns 4,800 shares of the company’s stock valued at $44,000 after purchasing an additional 4,000 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in shares of Perpetua Resources during the first quarter valued at approximately $51,000. Flaharty Asset Management LLC bought a new position in shares of Perpetua Resources during the second quarter valued at approximately $70,000. Intech Investment Management LLC purchased a new stake in Perpetua Resources in the third quarter worth $98,000. Finally, Quantbot Technologies LP bought a new stake in Perpetua Resources in the third quarter valued at $123,000. 70.07% of the stock is currently 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.