Principal Financial Group Inc. Increases Stock Position in Solaris Resources Inc. $SLSR

Key Points

• Principal Financial Group boosted its position in Solaris Resources by 291.9% in the first quarter, buying 2.23 million additional shares and lifting its stake to 3 million shares worth about $25.8 million.
• Several other institutional investors also increased or initiated positions in the company, including Helikon Investments, PSquared Asset Management, and MIRAE ASSET GLOBAL ETFS, signaling continued hedge fund interest in SLSR.
• HC Wainwright raised its price target on Solaris Resources from $16 to $18 and kept a buy rating; the stock was trading at $7.14, well below both its 50-day and 200-day moving averages.

Principal Financial Group Inc. increased its stake in shares of Solaris Resources Inc. (NYSEAMERICAN:SLSR - Free Report) by 291.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,000,000 shares of the company's stock after buying an additional 2,234,530 shares during the quarter. Principal Financial Group Inc. owned about 1.80% of Solaris Resources worth $25,818,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Helikon Investments Ltd raised its stake in Solaris Resources by 32.5% in the 4th quarter. Helikon Investments Ltd now owns 9,022,072 shares of the company's stock valued at $71,906,000 after purchasing an additional 2,210,452 shares during the last quarter. PSquared Asset Management AG boosted its holdings in Solaris Resources by 1.0% in the fourth quarter. PSquared Asset Management AG now owns 3,963,015 shares of the company's stock valued at $31,761,000 after acquiring an additional 38,957 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Solaris Resources during the third quarter worth approximately $15,017,000. Picton Mahoney Asset Management grew its stake in shares of Solaris Resources by 3.8% in the fourth quarter. Picton Mahoney Asset Management now owns 2,042,839 shares of the company's stock valued at $16,395,000 after buying an additional 74,152 shares in the last quarter. Finally, NewGen Asset Management Ltd grew its position in Solaris Resources by 9.9% in the third 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 in the last quarter.

Solaris Resources Trading Up 0.8%

Shares of NYSEAMERICAN:SLSR opened at $7.14 on Tuesday. The stock has a market capitalization of $1.19 billion, a PE ratio of -39.67 and a beta of 1.23. The firm has a fifty day moving average price of $9.02 and a 200 day moving average price of $9.25. Solaris Resources Inc. has a 1 year low of $4.51 and a 1 year high of $11.48.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lifted their target price on Solaris Resources from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Solaris Resources currently has a consensus rating of "Buy" and an average target price of $18.00.

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.

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