Solaris Resources (NYSEAMERICAN:SLSR) Stock Price Down 8.7% – Should You Sell?

Shares of Solaris Resources Inc. (NYSEAMERICAN:SLSR) were down 8.7% during trading on Friday . The stock traded as low as $9.75 and last traded at $9.8290. Approximately 26,226 shares traded hands during trading, a decline of 85% from the average daily volume of 179,817 shares. The stock had previously closed at $10.76.

Analyst Upgrades and Downgrades

Separately, HC Wainwright raised their price objective on shares of Solaris Resources from $13.50 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Solaris Resources Price Performance

The firm has a market cap of $1.55 billion, a P/E ratio of -26.46 and a beta of 0.50. The stock’s 50-day simple moving average is $8.30 and its two-hundred day simple moving average is $6.63.

Hedge Funds Weigh In On Solaris Resources

A number of institutional investors have recently modified their holdings of SLSR. Goldman Sachs Group Inc. raised its stake in shares of Solaris Resources by 1.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,009,441 shares of the company’s stock valued at $3,422,000 after acquiring an additional 14,824 shares in the last quarter. TD Asset Management Inc bought a new stake in Solaris Resources during the 2nd quarter valued at $519,000. Helikon Investments Ltd raised its position in Solaris Resources by 453.8% during the 2nd quarter. Helikon Investments Ltd now owns 4,811,620 shares of the company’s stock valued at $22,037,000 after purchasing an additional 3,942,810 shares in the last quarter. NewGen Equity Long Short Fund purchased a new stake in shares of Solaris Resources in the 2nd quarter worth $6,869,000. Finally, Mackenzie Financial Corp grew its position in shares of Solaris Resources by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 692,357 shares of the company’s stock worth $3,175,000 after buying an additional 47,831 shares in the last quarter.

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.