Solitario Resources (NYSEAMERICAN:XPL) Stock Crosses Below 200 Day Moving Average - Here's Why

Key Points

• Solitario Resources shares fell below their 200-day moving average, trading as low as $0.5760 versus the average of $0.78. The stock has a market capitalization of approximately $54.5 million.
• Analyst sentiment remains moderately positive: HC Wainwright reiterated a Buy rating with a $1.20 price target, while the overall consensus is “Moderate Buy” with the same target.
• The company reported a quarterly loss of $0.02 per share, missing the $0.01-loss consensus estimate. Institutional investors own 18.23% of the stock, with several funds recently initiating or increasing positions.

Solitario Resources Corp. (NYSEAMERICAN:XPL - Get Free Report) TSE: SLR shares passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $0.78 and traded as low as $0.5760. Solitario Resources shares last traded at $0.5760, with a volume of 54,729 shares trading hands.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a "buy" rating and issued a $1.20 price target on shares of Solitario Resources in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1.20.

Solitario Resources Stock Down 0.0%

The stock has a market capitalization of $54.54 million, a PE ratio of -9.60 and a beta of 0.48. The stock's 50 day moving average price is $0.70 and its 200-day moving average price is $0.78.

Solitario Resources (NYSEAMERICAN:XPL - Get Free Report) TSE: SLR last posted its quarterly earnings results on Thursday, August 6th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). As a group, sell-side analysts predict that Solitario Resources Corp. will post -0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solitario Resources

Institutional investors have recently modified their holdings of the stock. Focused Wealth Management Inc bought a new stake in Solitario Resources during the 2nd quarter valued at $741,000. GSA Capital Partners LLP purchased a new stake in shares of Solitario Resources in the 2nd quarter worth $80,000. Renaissance Technologies LLC grew its position in shares of Solitario Resources by 24.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,612,399 shares of the basic materials company's stock worth $1,322,000 after buying an additional 316,693 shares in the last quarter. Finally, Total Wealth Planning & Management Inc. bought a new position in shares of Solitario Resources during the 4th quarter worth $130,000. 18.23% of the stock is owned by hedge funds and other institutional investors.

About Solitario Resources

Solitario Resources Corp. is a mineral exploration company focused on the discovery and advancement of precious- and base-metal deposits. The company's activities include acquiring, evaluating and exploring mineral properties, with an emphasis on gold and zinc projects. Solitario is an exploration-stage company rather than a diversified mining producer, and its projects are subject to the risks and uncertainties associated with exploration and development.

The company's principal assets have included the Golden Crest gold project in South Dakota and the Lik zinc-lead-silver project in Alaska.

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