Gatos Silver (NYSE:GATO) Upgraded to Buy at Canaccord Genuity Group

Gatos Silver (NYSE:GATO) was upgraded by research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $12.50 price objective on the stock, up from their previous price objective of $6.50. Canaccord Genuity Group’s price objective would indicate a potential upside of 33.26% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets upped their target price on shares of Gatos Silver from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Thursday, April 11th. Royal Bank of Canada upped their target price on shares of Gatos Silver from $6.50 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 28th.

Gatos Silver Price Performance

Gatos Silver stock opened at $9.38 on Tuesday. Gatos Silver has a 1-year low of $3.51 and a 1-year high of $10.96. The firm has a market capitalization of $648.91 million, a P/E ratio of 49.37 and a beta of 2.21. The company’s 50-day moving average is $7.79 and its 200 day moving average is $6.53.

Gatos Silver (NYSE:GATO) last posted its quarterly earnings data on Wednesday, February 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.12.

Hedge Funds Weigh In On Gatos Silver

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its stake in shares of Gatos Silver by 17.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock valued at $75,000 after purchasing an additional 1,690 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Gatos Silver by 0.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,211,756 shares of the company’s stock valued at $7,925,000 after purchasing an additional 9,132 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Gatos Silver during the fourth quarter valued at approximately $64,000. Barclays PLC bought a new position in shares of Gatos Silver during the third quarter valued at approximately $60,000. Finally, Van ECK Associates Corp boosted its stake in shares of Gatos Silver by 0.7% during the third quarter. Van ECK Associates Corp now owns 1,729,445 shares of the company’s stock valued at $8,959,000 after purchasing an additional 11,884 shares in the last quarter. 44.81% of the stock is currently owned by institutional investors.

Gatos Silver Company Profile

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.