Solaris Resources (NYSEAMERICAN:SLSR) Hits New 12-Month High – Should You Buy?

Solaris Resources Inc. (NYSEAMERICAN:SLSR) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.50 and last traded at $6.95, with a volume of 75661 shares trading hands. The stock had previously closed at $7.17.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price target on shares of Solaris Resources from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, November 7th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.50.

Solaris Resources Stock Performance

The stock’s 50-day moving average price is $5.99 and its two-hundred day moving average price is $5.22. The stock has a market capitalization of $1.11 billion, a PE ratio of -19.20 and a beta of 0.61.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC boosted its holdings in Solaris Resources by 5.6% in the first quarter. Jennison Associates LLC now owns 1,094,669 shares of the company’s stock worth $3,683,000 after acquiring an additional 58,329 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Solaris Resources by 0.4% in the 1st quarter. Mackenzie Financial Corp now owns 644,526 shares of the company’s stock worth $2,168,000 after purchasing an additional 2,394 shares in the last quarter. National Bank of Canada FI purchased a new stake in Solaris Resources during the 1st quarter valued at about $37,000. Helikon Investments Ltd purchased a new stake in Solaris Resources during the 1st quarter valued at about $2,945,000. Finally, Northwest & Ethical Investments L.P. increased its stake in Solaris Resources by 221.1% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 116,174 shares of the company’s stock valued at $391,000 after purchasing an additional 79,995 shares in the last quarter.

Solaris Resources Company Profile

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.