Solaris Resources (NYSEAMERICAN:SLSR) Sets New 52-Week High – Still a Buy?

Solaris Resources Inc. (NYSEAMERICAN:SLSR)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $8.50 and last traded at $8.42, with a volume of 31034 shares. The stock had previously closed at $8.23.

Analysts Set New Price Targets

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

Solaris Resources Stock Up 1.4%

The business’s 50-day simple moving average is $7.57 and its two-hundred day simple moving average is $6.22. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -23.84 and a beta of 0.50.

Institutional Trading of Solaris Resources

A number of institutional investors and hedge funds have recently made changes to their positions in SLSR. Goldman Sachs Group Inc. lifted its position in shares of Solaris Resources by 1.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,009,441 shares of the company’s stock valued at $3,422,000 after buying an additional 14,824 shares in the last quarter. TD Asset Management Inc purchased a new stake in shares of Solaris Resources in the 2nd quarter valued at approximately $519,000. Helikon Investments Ltd lifted its stake in shares of Solaris Resources by 453.8% in 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 during the last quarter. NewGen Equity Long Short Fund purchased a new stake in shares of Solaris Resources in the 2nd quarter valued at approximately $6,869,000. Finally, Mackenzie Financial Corp lifted its stake in Solaris Resources by 7.4% during the second quarter. Mackenzie Financial Corp now owns 692,357 shares of the company’s stock worth $3,175,000 after purchasing an additional 47,831 shares in the last quarter.

Solaris Resources Company Profile

Solaris Resources (NYSEAMERICAN: SLSR) is a Vancouver-based mineral exploration company dedicated to the discovery, acquisition and advancement of large-scale copper and gold deposits across the Americas. Established in 2017, the company focuses on generating high-potential projects in mining-friendly jurisdictions and applying innovative exploration techniques to de-risk assets at an early stage. Solaris leverages a multidisciplinary technical team to identify and systematically evaluate resource targets with district-scale potential.

The company’s flagship asset is the Warintza copper project in southeastern Ecuador, where Solaris has assembled a strategic land position in the emerging Andean copper belt.