Solaris Resources (NYSEAMERICAN:SLSR) Sets New 1-Year High - Still a Buy?

Key Points

• Solaris Resources Inc. shares reached a new 52-week high of $5.89, indicating a strong performance with a market cap of $983.30 million.
• HC Wainwright has increased the target price on Solaris Resources from $11.00 to $13.00, maintaining a "buy" rating, while analysts have rated the stock a consensus "Moderate Buy."
• Several institutional investors, including Helikon Investments Ltd and Amundi, have significantly increased their stakes in Solaris Resources, suggesting growing confidence in the company.

Solaris Resources Inc. (NYSEAMERICAN:SLSR - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $5.89 and last traded at $5.83, with a volume of 11153 shares traded. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their target price on shares of Solaris Resources from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, August 29th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Solaris Resources Stock Up 7.6%

The company has a fifty day simple moving average of $5.23. The company has a market cap of $983.30 million, a price-to-earnings ratio of -39.66 and a beta of 0.47.

Institutional Investors Weigh In On Solaris Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Helikon Investments Ltd acquired a new stake in shares of Solaris Resources during the first quarter worth $2,945,000. Sprott Inc. grew its position in Solaris Resources by 2.0% in the first quarter. Sprott Inc. now owns 2,782,579 shares of the company's stock valued at $9,430,000 after purchasing an additional 54,952 shares in the last quarter. PSquared Asset Management AG bought a new position in Solaris Resources in the first quarter valued at $15,297,000. Amundi grew its position in Solaris Resources by 100.3% in the first quarter. Amundi now owns 848,130 shares of the company's stock valued at $2,765,000 after purchasing an additional 424,802 shares in the last quarter. Finally, Anson Funds Management LP grew its position in Solaris Resources by 21.0% in the first quarter. Anson Funds Management LP now owns 1,153,154 shares of the company's stock valued at $3,628,000 after purchasing an additional 200,000 shares in the last quarter.

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.

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