PSquared Asset Management AG Invests $15.30 Million in Solaris Resources Inc. $SLSR

Key Points

• PSquared Asset Management AG has acquired 4,547,184 shares of Solaris Resources Inc., valued at approximately $15.3 million, making it 11.4% of their holdings.
• Solaris Resources' stock is currently priced at $5.48 and has seen a 1-year high of $5.88 and a low of $1.90.
• Analysts have increased the price target for Solaris Resources from $10.00 to $11.00 and rated it as a "Moderate Buy."

PSquared Asset Management AG bought a new position in Solaris Resources Inc. (NYSEAMERICAN:SLSR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,547,184 shares of the company's stock, valued at approximately $15,297,000. Solaris Resources comprises approximately 11.4% of PSquared Asset Management AG's investment portfolio, making the stock its 5th biggest position.

Other large investors have also added to or reduced their stakes in the company. Sprott Inc. lifted its holdings in shares of Solaris Resources by 2.0% during the 1st quarter. Sprott Inc. now owns 2,782,579 shares of the company's stock valued at $9,430,000 after buying an additional 54,952 shares during the period. Northwest & Ethical Investments L.P. grew its holdings in shares of Solaris Resources by 221.1% in the first quarter. Northwest & Ethical Investments L.P. now owns 116,174 shares of the company's stock worth $391,000 after acquiring an additional 79,995 shares during the period. Helikon Investments Ltd purchased a new stake in Solaris Resources during the first quarter valued at $2,945,000. National Bank of Canada FI bought a new position in Solaris Resources in the first quarter valued at about $37,000. Finally, Mackenzie Financial Corp grew its stake in shares of Solaris Resources by 0.4% during the 1st quarter. Mackenzie Financial Corp now owns 644,526 shares of the company's stock valued at $2,168,000 after purchasing an additional 2,394 shares during the period.

Solaris Resources Stock Performance

NYSEAMERICAN:SLSR traded down $0.04 during midday trading on Thursday, hitting $5.54. The company's stock had a trading volume of 25,676 shares, compared to its average volume of 53,885. Solaris Resources Inc. has a fifty-two week low of $1.90 and a fifty-two week high of $5.88. The company's 50 day simple moving average is $5.09. The company has a market capitalization of $915.54 million, a price-to-earnings ratio of -36.93 and a beta of 0.46.

Wall Street Analyst Weigh In

Separately, HC Wainwright increased their price objective on shares of Solaris Resources from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

Solaris Resources 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.