Gatos Silver (NYSE:GATO) Trading Up 7.6% – Here’s Why

Gatos Silver, Inc. (NYSE:GATO) traded up 7.6% on Thursday . The company traded as high as $15.20 and last traded at $15.04. 181,668 shares were traded during mid-day trading, a decline of 69% from the average session volume of 582,740 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

GATO has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 10th. Canaccord Genuity Group reiterated a “hold” rating on shares of Gatos Silver in a research report on Tuesday, October 22nd. Canaccord Genuity Group lowered shares of Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, CIBC raised their target price on shares of Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research note on Thursday, September 26th. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Gatos Silver presently has an average rating of “Hold” and an average target price of $12.90.

Gatos Silver Trading Down 2.5 %

The business has a 50-day moving average price of $15.80 and a 200 day moving average price of $14.27. The stock has a market capitalization of $1.03 billion, a P/E ratio of 30.12 and a beta of 1.93.

Hedge Funds Weigh In On Gatos Silver

Several institutional investors have recently bought and sold shares of GATO. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Gatos Silver by 23,313.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock valued at $73,000 after purchasing an additional 6,994 shares during the last quarter. XTX Topco Ltd bought a new stake in Gatos Silver in the second quarter worth $112,000. Arizona State Retirement System purchased a new position in Gatos Silver during the second quarter worth $121,000. Barclays PLC increased its position in Gatos Silver by 1,332.9% during the third quarter. Barclays PLC now owns 10,116 shares of the company’s stock valued at $152,000 after acquiring an additional 9,410 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Gatos Silver during the second quarter valued at $185,000. Institutional investors own 44.81% of the company’s stock.

Gatos Silver Company Profile

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.