Solaris Resources (NYSEAMERICAN:SLSR) Trading Down 6.3% – Here’s Why

Solaris Resources Inc. (NYSEAMERICAN:SLSR) traded down 6.3% during trading on Friday . The company traded as low as $8.60 and last traded at $8.4390. 31,422 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 130,877 shares. The stock had previously closed at $9.01.

Wall Street Analyst Weigh In

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

Solaris Resources Trading Down 2.2%

The stock’s 50 day moving average price is $7.75 and its 200 day moving average price is $6.33. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -25.17 and a beta of 0.50.

Institutional Trading of Solaris Resources

Institutional investors have recently modified their holdings of the company. Helikon Investments Ltd raised its holdings in Solaris Resources by 41.6% in the third quarter. Helikon Investments Ltd now owns 6,811,620 shares of the company’s stock valued at $43,390,000 after buying an additional 2,000,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Solaris Resources in the third quarter worth $15,017,000. Picton Mahoney Asset Management raised its stake in shares of Solaris Resources by 0.5% in the 3rd quarter. Picton Mahoney Asset Management now owns 1,968,687 shares of the company’s stock valued at $12,558,000 after acquiring an additional 10,550 shares during the period. NewGen Asset Management Ltd raised its stake in shares of Solaris Resources by 9.9% in the 3rd quarter. NewGen Asset Management Ltd now owns 1,648,200 shares of the company’s stock valued at $10,911,000 after acquiring an additional 148,200 shares during the period. Finally, NewGen Equity Long Short Fund acquired a new position in shares of Solaris Resources during the 2nd quarter valued at $6,869,000.

About Solaris Resources

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.