Solaris Resources (NYSEAMERICAN:SLSR) Shares Down 8.7% – What’s Next?

Solaris Resources Inc. (NYSEAMERICAN:SLSR)’s stock price fell 8.7% on Friday . The stock traded as low as $9.75 and last traded at $9.8290. 26,226 shares traded hands during trading, a decline of 85% from the average session volume of 179,817 shares. The stock had previously closed at $10.76.

Wall Street Analyst Weigh In

Separately, HC Wainwright increased their target price on shares of Solaris Resources from $13.50 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.00.

Solaris Resources Stock Performance

The stock’s 50-day moving average is $8.25 and its two-hundred day moving average is $6.60. The stock has a market cap of $1.61 billion, a PE ratio of -27.71 and a beta of 0.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewGen Equity Long Short Fund purchased a new position in Solaris Resources in the 2nd quarter valued at approximately $6,869,000. TD Asset Management Inc acquired a new stake in shares of Solaris Resources in the second quarter valued at $519,000. Helikon Investments Ltd grew its stake in Solaris Resources by 453.8% during the 2nd quarter. Helikon Investments Ltd now owns 4,811,620 shares of the company’s stock worth $22,037,000 after purchasing an additional 3,942,810 shares in the last quarter. NewGen Asset Management Ltd increased its holdings in Solaris Resources by 25.0% during the 2nd quarter. NewGen Asset Management Ltd now owns 1,500,000 shares of the company’s stock worth $6,869,000 after purchasing an additional 300,000 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Solaris Resources by 350.2% in the 2nd quarter. Bank of America Corp DE now owns 259,145 shares of the company’s stock valued at $1,187,000 after buying an additional 201,582 shares during the period.

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.