Gatos Silver (NYSE:GATO) Trading Up 6.8% – Here’s Why

Gatos Silver, Inc. (NYSE:GATO)’s share price shot up 6.8% during mid-day trading on Tuesday . The company traded as high as $15.14 and last traded at $15.11. 105,301 shares changed hands during trading, a decline of 70% from the average session volume of 348,160 shares. The stock had previously closed at $14.15.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GATO. Canaccord Genuity Group reaffirmed a “hold” rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, CIBC upped their price target 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.90.

Gatos Silver Stock Performance

The company’s fifty day simple moving average is $15.23 and its 200-day simple moving average is $14.52. The company has a market capitalization of $1.00 billion, a P/E ratio of 29.39 and a beta of 1.95.

Institutional Trading of Gatos Silver

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in shares of Gatos Silver in the 2nd quarter valued at approximately $112,000. Arizona State Retirement System purchased a new position in shares of Gatos Silver in the 2nd quarter valued at approximately $121,000. Barclays PLC raised its position in shares of Gatos Silver by 1,332.9% in the 3rd quarter. Barclays PLC now owns 10,116 shares of the company’s stock valued at $152,000 after purchasing an additional 9,410 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Gatos Silver by 53.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company’s stock valued at $163,000 after purchasing an additional 3,783 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Gatos Silver in the 2nd quarter valued at approximately $185,000. 44.81% of the stock is currently owned by institutional investors.

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.