Solaris Resources (NYSEAMERICAN:SLSR) Hits New 52-Week High – Here’s Why

Solaris Resources Inc. (NYSEAMERICAN:SLSR) shares reached a new 52-week high during trading on Thursday . The company traded as high as $6.75 and last traded at $6.5910, with a volume of 18482 shares changing hands. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised their price target on Solaris Resources from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.50.

Solaris Resources Trading Up 5.1%

The company has a 50-day simple moving average of $5.86 and a 200 day simple moving average of $5.13. The company has a market cap of $1.16 billion, a P/E ratio of -46.46 and a beta of 0.61.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. L1 Capital Pty Ltd boosted its position in Solaris Resources by 0.9% in the 1st quarter. L1 Capital Pty Ltd now owns 4,929,623 shares of the company’s stock valued at $16,582,000 after buying an additional 41,812 shares during the period. Helikon Investments Ltd raised its position in Solaris Resources by 453.8% during the 2nd quarter. Helikon Investments Ltd now owns 4,811,620 shares of the company’s stock valued at $22,037,000 after purchasing an additional 3,942,810 shares in the last quarter. PSquared Asset Management AG purchased a new stake in shares of Solaris Resources in the 1st quarter worth $15,297,000. Sprott Inc. grew its position in shares of Solaris Resources by 2.0% during the 1st quarter. Sprott Inc. now owns 2,782,579 shares of the company’s stock worth $9,430,000 after buying an additional 54,952 shares in the last quarter. Finally, NewGen Equity Long Short Fund bought a new position in shares of Solaris Resources during the 2nd quarter worth $6,869,000.

About Solaris Resources

Solaris Resources Inc engages in exploration of mineral properties. It focuses on exploring copper, molybdenum, gold, lead, zinc, and silver. The company’s flagship project is the 100% owned Warintza Copper and Gold Project comprising nine metallic mineral concessions, which covers an area of 268 km2 located in Ecuador.