Northwest & Ethical Investments L.P. Raises Stock Position in Solaris Resources Inc. $SLSR

Key Points

• Northwest & Ethical Investments L.P. increased its investment in Solaris Resources Inc. by 221.1% in the 1st quarter, obtaining a total of 116,174 shares valued at approximately $391,000.
• Several institutional investors also acquired or raised their stakes in Solaris Resources, with NewGen Asset Management Ltd. doubling its holdings to 1,200,000 shares valued at $4,068,000.
• Analysts have updated Solaris Resources' price target to $11.00 with a consensus rating of "Moderate Buy," indicating market confidence in the stock's future performance.

Northwest & Ethical Investments L.P. raised its stake in shares of Solaris Resources Inc. (NYSEAMERICAN:SLSR - Free Report) by 221.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 116,174 shares of the company's stock after buying an additional 79,995 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Solaris Resources were worth $391,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Helikon Investments Ltd purchased a new stake in Solaris Resources during the 1st quarter valued at $2,945,000. National Bank of Canada FI purchased a new stake in Solaris Resources during the 1st quarter valued at $37,000. Mackenzie Financial Corp raised its stake in 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 buying an additional 2,394 shares during the last quarter. Jennison Associates LLC raised its stake in Solaris Resources by 5.6% during the 1st quarter. Jennison Associates LLC now owns 1,094,669 shares of the company's stock valued at $3,683,000 after buying an additional 58,329 shares during the last quarter. Finally, NewGen Asset Management Ltd grew its position in shares of Solaris Resources by 100.0% during the 1st quarter. NewGen Asset Management Ltd now owns 1,200,000 shares of the company's stock valued at $4,068,000 after acquiring an additional 600,000 shares during the period.

Solaris Resources Stock Up 1.3%

SLSR stock traded up $0.07 during trading on Friday, reaching $5.48. The company's stock had a trading volume of 10,320 shares, compared to its average volume of 35,576. Solaris Resources Inc. has a 1 year low of $1.90 and a 1 year high of $5.88. The firm has a market cap of $905.62 million, a P/E ratio of -36.53 and a beta of 0.46. The company has a fifty day moving average price of $5.04.

Analyst Ratings Changes

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

Solaris Resources Company 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.