Gatos Silver, Inc. (NYSE:GATO) Short Interest Update

Gatos Silver, Inc. (NYSE:GATO) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 1,350,000 shares, a decrease of 9.4% from the September 30th total of 1,490,000 shares. Based on an average daily trading volume, of 835,400 shares, the short-interest ratio is currently 1.6 days. Approximately 2.9% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

GATO has been the subject of several recent research reports. Cibc World Mkts upgraded Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. Royal Bank of Canada increased their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 10th. Canaccord Genuity Group cut shares of Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Finally, CIBC increased their price objective on Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a report on Thursday, September 26th. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.90.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Gatos Silver by 6.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,292,645 shares of the company’s stock valued at $10,845,000 after acquiring an additional 80,889 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Gatos Silver in the 1st quarter worth $196,000. Tidal Investments LLC purchased a new position in shares of Gatos Silver in the first quarter worth $17,397,000. U S Global Investors Inc. bought a new position in shares of Gatos Silver during the second quarter valued at $940,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Gatos Silver by 23,313.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock valued at $73,000 after buying an additional 6,994 shares during the last quarter. 44.81% of the stock is owned by hedge funds and other institutional investors.

Gatos Silver Stock Performance

Shares of GATO traded down $0.57 during mid-day trading on Wednesday, reaching $19.42. The company had a trading volume of 496,292 shares, compared to its average volume of 553,343. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 48.08 and a beta of 2.10. The firm has a 50-day moving average price of $15.25 and a 200 day moving average price of $12.70. Gatos Silver has a 52 week low of $4.39 and a 52 week high of $20.31.

Gatos Silver (NYSE:GATO) last released its earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02).

About Gatos Silver

Gatos Silver, Inc engages in the exploration, development, and production of precious metals. It primarily explores for silver deposits. The company also explores for zinc, lead, copper, and gold ores. Its flagship asset is the Los Gatos District, including the Cerro Los Gatos mine in Chihuahua, Mexico.