Solaris Resources (NYSEAMERICAN:SLSR) Stock Price Down 4.4% - Here's What Happened

Key Points

• Solaris Resources Inc. (NYSEAMERICAN:SLSR) saw its stock price decrease by 4.4%, trading as low as $6.29 and closing at $6.30, significantly below the average session volume.
• HC Wainwright has upgraded the stock's price target from $11.00 to $13.00 and maintains a "buy" rating, contributing to the stock's overall average rating of "Moderate Buy."
• Institutional investors have increased their stakes, with Bank of America Corp DE raising its holdings by 350.2% during the second quarter.

Solaris Resources Inc. (NYSEAMERICAN:SLSR - Get Free Report) traded down 4.4% during trading on Friday . The stock traded as low as $6.29 and last traded at $6.30. 3,983 shares were traded during trading, a decline of 93% from the average session volume of 56,371 shares. The stock had previously closed at $6.59.

Analyst Ratings Changes

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

Solaris Resources Trading Down 5.6%

The stock's 50-day simple moving average is $5.40. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -41.46 and a beta of 0.62.

Institutional Investors Weigh In On Solaris Resources

Several hedge funds and other institutional investors have recently bought and sold shares of SLSR. NewGen Asset Management Ltd raised its stake in Solaris Resources by 25.0% during the 2nd quarter. NewGen Asset Management Ltd now owns 1,500,000 shares of the company's stock worth $6,869,000 after buying an additional 300,000 shares during the period. Tidal Investments LLC raised its position in shares of Solaris Resources by 5.4% during the second quarter. Tidal Investments LLC now owns 50,200 shares of the company's stock worth $230,000 after purchasing an additional 2,586 shares during the period. Bank of America Corp DE lifted its holdings in shares of Solaris Resources by 350.2% in the 2nd quarter. Bank of America Corp DE now owns 259,145 shares of the company's stock worth $1,187,000 after purchasing an additional 201,582 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Solaris Resources in the 2nd quarter worth $97,000. Finally, Raymond James Financial Inc. bought a new stake in Solaris Resources during the 2nd quarter valued at $38,000.

About Solaris Resources

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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