Gatos Silver (NYSE:GATO) Shares Up 7.6% – Here’s What Happened

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

Analysts Set New Price Targets

GATO has been the subject of a number of analyst reports. Canaccord Genuity Group lowered Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. CIBC boosted their price objective on shares of Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research report on Thursday, September 26th. Royal Bank of Canada increased their target price on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Four investment 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 price target of $12.90.

Gatos Silver Price Performance

The stock’s 50-day moving average is $15.80 and its two-hundred day moving average is $14.27. The company has a market cap of $1.03 billion, a P/E ratio of 30.12 and a beta of 1.93.

Institutional Trading of Gatos Silver

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GATO. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Gatos Silver by 53.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company’s stock valued at $163,000 after acquiring an additional 3,783 shares during the period. Geode Capital Management LLC boosted its position 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 worth $7,759,000 after purchasing an additional 5,991 shares during the period. Barclays PLC increased its stake 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 in the last quarter. XTX Topco Ltd bought a new stake in shares of Gatos Silver during the 2nd quarter valued at $112,000. Finally, Arizona State Retirement System purchased a new position in shares of Gatos Silver during the 2nd quarter valued at $121,000. 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.