Short Interest in Gatos Silver, Inc. (NYSE:GATO) Declines By 58.5%

Gatos Silver, Inc. (NYSE:GATO) was the recipient of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 1,120,000 shares, a decrease of 58.5% from the November 15th total of 2,700,000 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 968,100 shares, the short-interest ratio is currently 1.2 days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GATO. Canaccord Genuity Group cut shares of Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. 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 report on Tuesday, September 10th. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a research report on Tuesday, October 22nd. Finally, CIBC lifted their price objective on shares of 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 stock. According to data from MarketBeat.com, Gatos Silver presently has a consensus rating of “Hold” and a consensus price target of $12.90.

Hedge Funds Weigh In On Gatos Silver

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Gatos Silver by 53.9% in the third 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. Geode Capital Management LLC raised its stake in shares of Gatos Silver by 1.2% in the third quarter. Geode Capital Management LLC now owns 514,280 shares of the company’s stock valued at $7,759,000 after buying an additional 5,991 shares during the period. Barclays PLC lifted 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 buying an additional 9,410 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Gatos Silver during the 2nd quarter worth $112,000. Finally, Arizona State Retirement System purchased a new stake in Gatos Silver in the 2nd quarter worth about $121,000. 44.81% of the stock is owned by hedge funds and other institutional investors.

Gatos Silver Stock Down 2.6 %

Gatos Silver stock traded down $0.41 during mid-day trading on Friday, reaching $15.27. 390,455 shares of the company’s stock were exchanged, compared to its average volume of 587,801. The firm has a market capitalization of $1.06 billion, a PE ratio of 31.16 and a beta of 1.93. The business’s fifty day simple moving average is $16.77 and its 200 day simple moving average is $13.98. Gatos Silver has a one year low of $5.42 and a one year high of $20.31.

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.