Solaris Resources (NYSEAMERICAN:SLSR) Trading Down 8.8% - Here's Why

Key Points

• Shares fell 8.8% on Thursday, trading as low as $7.45 and last at $7.7490 on light volume (43,488 shares, down ~75% from the 171,004 average).
• HC Wainwright upgraded Solaris to a “buy” and raised its price target to $16, leaving the stock with an average analyst rating of Moderate Buy and an average target of $16.00.
• Solaris has a market cap of about $1.35 billion, a 50-day moving average of $9.52 versus a 200-day of $7.67, and its flagship asset is the Warintza copper project in southeastern Ecuador.

Solaris Resources Inc. (NYSEAMERICAN:SLSR - Get Free Report)'s share price fell 8.8% on Thursday . The stock traded as low as $7.45 and last traded at $7.7490. 43,488 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 171,004 shares. The stock had previously closed at $8.50.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised their price objective on Solaris Resources from $13.50 to $16.00 and gave the company a "buy" rating in a research note on Wednesday, January 21st. One 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, Solaris Resources has an average rating of "Moderate Buy" and an average target price of $16.00.

Solaris Resources Price Performance

The stock's 50 day moving average is $9.52 and its two-hundred day moving average is $7.67. The firm has a market cap of $1.35 billion, a P/E ratio of -23.07 and a beta of 0.31.

Institutional Trading of Solaris Resources

Hedge funds have recently modified their holdings of the company. Tidal Investments LLC increased its stake in shares of Solaris Resources by 5.4% in the second quarter. Tidal Investments LLC now owns 50,200 shares of the company's stock valued at $230,000 after buying an additional 2,586 shares in the last quarter. Bank of Montreal Can grew its holdings in Solaris Resources by 0.8% during the 4th quarter. Bank of Montreal Can now owns 333,630 shares of the company's stock worth $2,674,000 after acquiring an additional 2,668 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Solaris Resources by 50.0% during the fourth quarter. Farther Finance Advisors LLC now owns 9,000 shares of the company's stock worth $72,000 after purchasing an additional 3,000 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Solaris Resources by 21.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 23,313 shares of the company's stock valued at $187,000 after acquiring an additional 4,119 shares during the last quarter. Finally, Barclays PLC bought a new stake in Solaris Resources in the fourth quarter valued at approximately $36,000.

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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