Solaris Resources (TSE:SLS) Sets New 1-Year High – Still a Buy?

Shares of Solaris Resources Inc. (TSE:SLS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$11.80 and last traded at C$11.57, with a volume of 141035 shares changing hands. The stock had previously closed at C$11.40.

Analysts Set New Price Targets

Several analysts have commented on SLS shares. Royal Bank Of Canada upped their target price on shares of Solaris Resources from C$12.00 to C$18.00 in a research report on Wednesday, December 10th. National Bankshares lifted their price objective on Solaris Resources from C$17.00 to C$20.00 and gave the stock an “outperform” rating in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of C$19.00.

Solaris Resources Price Performance

The company has a 50 day moving average of C$10.68 and a 200 day moving average of C$8.71. The company has a current ratio of 4.62, a quick ratio of 1.29 and a debt-to-equity ratio of 712.38. The firm has a market cap of C$2.08 billion, a price-to-earnings ratio of -34.67 and a beta of 1.67.

About Solaris Resources

Solaris Resources Inc is advancing a portfolio of copper and gold assets in the Americas, which includes a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to $130M spending 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and leverage to increasing copper prices through the 60% interest in the development-stage La Verde joint-venture project with Teck Resources in Mexico.