Gatos Silver (NYSE:GATO) Shares Up 5.8% – Here’s Why

Gatos Silver, Inc. (NYSE:GATO)’s stock price traded up 5.8% during mid-day trading on Thursday . The stock traded as high as $16.35 and last traded at $16.35. 416,845 shares were traded during mid-day trading, a decline of 26% from the average session volume of 565,095 shares. The stock had previously closed at $15.45.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GATO. Canaccord Genuity Group downgraded Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. CIBC boosted 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. Canaccord Genuity Group restated a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada lifted their price objective on shares of Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.90.

Gatos Silver Stock Down 1.9 %

The company has a market capitalization of $1.10 billion, a P/E ratio of 32.47 and a beta of 2.05. The business’s 50-day moving average is $16.44 and its two-hundred day moving average is $13.30.

Hedge Funds Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Gatos Silver by 23,313.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after acquiring an additional 6,994 shares during the period. Barclays PLC increased its position in shares of Gatos Silver by 1,332.9% during 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. XTX Topco Ltd bought a new stake in shares of Gatos Silver during the 2nd quarter worth $112,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 worth $163,000 after buying an additional 3,783 shares during the last quarter. Finally, Arizona State Retirement System purchased a new position in shares of Gatos Silver in the 2nd quarter worth about $121,000. Hedge funds and other institutional investors own 44.81% of the company’s stock.

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.