Solaris Resources (NYSEAMERICAN:SLSR) Shares Gap Up – Still a Buy?

Shares of Solaris Resources Inc. (NYSEAMERICAN:SLSR) gapped up prior to trading on Friday . The stock had previously closed at $6.95, but opened at $7.38. Solaris Resources shares last traded at $7.2880, with a volume of 1,833 shares changing hands.

Solaris Resources Trading Down 0.6%

The stock has a 50 day moving average price of $7.93 and a two-hundred day moving average price of $8.84. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -40.58 and a beta of 1.33.

Hedge Funds Weigh In On Solaris Resources

Hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in Solaris Resources by 38.3% during the 1st quarter. Janus Henderson Group PLC now owns 873,369 shares of the company’s stock worth $7,485,000 after acquiring an additional 241,749 shares during the last quarter. PSquared Asset Management AG increased its stake in Solaris Resources by 3.1% in the first quarter. PSquared Asset Management AG now owns 4,084,315 shares of the company’s stock valued at $35,262,000 after purchasing an additional 121,300 shares in the last quarter. Amundi increased its stake in Solaris Resources by 34.9% in the first quarter. Amundi now owns 1,217,493 shares of the company’s stock valued at $10,446,000 after purchasing an additional 314,693 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Solaris Resources by 69.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 708,313 shares of the company’s stock worth $6,097,000 after purchasing an additional 290,737 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Solaris Resources by 742.1% during the first quarter. Royal Bank of Canada now owns 277,695 shares of the company’s stock worth $2,383,000 after purchasing an additional 244,720 shares in the last quarter.

Solaris Resources Company Profile

Solaris Resources Inc is a mineral exploration and development company focused on discovering and advancing copper and gold deposits in the Americas. The company’s primary focus is the Warintza Project in southeastern Ecuador, a large-scale porphyry copper-gold exploration project located in the Cordillera del Cóndor.

Solaris is conducting exploration, drilling and technical studies at Warintza to evaluate its resource potential and advance the project toward future development. The company also holds the Ricardo Project in northern Chile, an exploration property prospective for copper and other mineralization.

Solaris Resources is headquartered in Canada and its activities are concentrated in Ecuador and Chile.