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

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GATO shares. CIBC upped their target price 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. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group lowered shares of Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.90.

Gatos Silver Stock Performance

The company’s 50-day moving average price is $15.23 and its 200 day moving average price is $14.52. The stock has a market capitalization of $1.00 billion, a PE ratio of 29.39 and a beta of 1.95.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its position in shares of Gatos Silver by 1,332.9% in the third quarter. Barclays PLC now owns 10,116 shares of the company’s stock worth $152,000 after purchasing an additional 9,410 shares during the period. XTX Topco Ltd bought a new position in shares of Gatos Silver in the second quarter worth approximately $112,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Gatos Silver by 53.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company’s stock worth $163,000 after purchasing an additional 3,783 shares during the period. Arizona State Retirement System bought a new position in shares of Gatos Silver during the second quarter worth $121,000. Finally, FORA Capital LLC bought a new position in shares of Gatos Silver during the third quarter worth $244,000. 44.81% of the stock is owned by hedge funds and other 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.