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

Key Points

• Solitario Resources shares fell below their 200-day moving average, reaching $0.6220 before last trading at $0.6564. The stock’s 200-day average is $0.79, while its market capitalization is approximately $62.15 million.
• Analysts maintain a cautiously positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1.20. HC Wainwright reaffirmed its Buy rating.
• The company reported a quarterly loss of $0.02 per share, missing estimates by $0.01, and analysts expect a full-year loss of $0.05 per share. Hedge funds and institutional investors own 18.23% of the stock.

Shares of Solitario Resources Corp. (NYSEAMERICAN:XPL - Get Free Report) TSE: SLR passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.79 and traded as low as $0.6220. Solitario Resources shares last traded at $0.6564, with a volume of 217,922 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a "buy" rating and set a $1.20 price objective on shares of Solitario Resources in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $1.20.

Solitario Resources Price Performance

The stock has a market cap of $62.15 million, a price-to-earnings ratio of -10.94 and a beta of 0.48. The business's 50 day moving average is $0.72 and its 200 day moving average is $0.79.

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

Hedge Funds Weigh In On Solitario Resources

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted 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 during the last quarter. Focused Wealth Management Inc acquired a new stake in Solitario Resources during the 2nd quarter worth $741,000. Total Wealth Planning & Management Inc. acquired a new stake in Solitario Resources during the 4th quarter worth $130,000. Finally, GSA Capital Partners LLP purchased a new stake in Solitario Resources in the second quarter valued at $80,000. 18.23% of the stock is currently owned by hedge funds and other institutional investors.

Solitario Resources Company Profile

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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