Short Interest in Solaris Resources Inc. (NYSEAMERICAN:SLSR) Decreases By 14.7%

Key Points

• Short interest in Solaris fell by 14.7% to 735,085 shares as of March 31, equal to about 0.4% of shares outstanding and a days-to-cover ratio of 5.0 based on average daily volume.
• Institutional stakes shifted notably: Helikon Investments boosted its position by 41.6% to 6,811,620 shares (~$43.4M), while JPMorgan and several other firms established new, smaller positions.
• Shares traded at $10.09 (down 1.1%) with a market cap near $1.69B, and analyst HC Wainwright raised its price target to $18, leaving the consensus rating at "Buy" with an $18 consensus target.

Solaris Resources Inc. (NYSEAMERICAN:SLSR - Get Free Report) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totaling 735,085 shares, a decline of 14.7% from the March 15th total of 861,553 shares. Currently, 0.4% of the company's shares are sold short. Based on an average daily trading volume, of 148,069 shares, the days-to-cover ratio is presently 5.0 days.

Institutional Trading of Solaris Resources

Hedge funds have recently added to or reduced their stakes in the business. Helikon Investments Ltd lifted its stake in Solaris Resources by 41.6% in the third quarter. Helikon Investments Ltd now owns 6,811,620 shares of the company's stock worth $43,390,000 after acquiring an additional 2,000,000 shares during the period. JPMorgan Chase & Co. purchased a new stake in Solaris Resources in the third quarter worth about $9,012,000. Anson Funds Management LP purchased a new stake in Solaris Resources in the third quarter worth about $956,000. Spark Investment Management LLC purchased a new stake in Solaris Resources in the third quarter worth about $172,000. Finally, Farther Finance Advisors LLC purchased a new stake in Solaris Resources in the third quarter worth about $38,000.

Solaris Resources Trading Down 1.1%

Shares of SLSR traded down $0.11 during trading hours on Friday, reaching $10.09. 85,902 shares of the company traded hands, compared to its average volume of 155,490. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -40.36 and a beta of 1.03. Solaris Resources has a 12-month low of $3.32 and a 12-month high of $11.43. The stock's fifty day moving average price is $9.32 and its 200 day moving average price is $8.15.

Wall Street Analyst Weigh In

Separately, HC Wainwright increased their price target on Solaris Resources from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $18.00.

About Solaris Resources

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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