Gatos Silver (NYSE:GATO) Trading 5.2% Higher – Still a Buy?

Gatos Silver, Inc. (NYSE:GATO) shares shot up 5.2% during trading on Tuesday . The company traded as high as $15.73 and last traded at $15.72. 89,092 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 594,082 shares. The stock had previously closed at $14.95.

Analyst Ratings Changes

Several equities research analysts have issued reports on GATO shares. Canaccord Genuity Group downgraded Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 10th. CIBC increased their price objective 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. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a research report 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 stock. According to data from MarketBeat.com, Gatos Silver currently has a consensus rating of “Hold” and an average price target of $12.90.

Gatos Silver Stock Up 6.4 %

The stock has a market cap of $1.10 billion, a P/E ratio of 30.51 and a beta of 1.93. The firm’s 50 day simple moving average is $16.76 and its two-hundred day simple moving average is $13.73.

Hedge Funds Weigh In On Gatos Silver

Institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Gatos Silver during the third quarter worth about $271,000. Barclays PLC boosted its stake in 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 period. Geode Capital Management LLC grew its position in Gatos Silver by 1.2% in the 3rd 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 last quarter. Vestcor Inc acquired a new stake in shares of Gatos Silver in the third quarter valued at approximately $398,000. Finally, K2 Principal Fund L.P. bought a new stake in shares of Gatos Silver during the third quarter valued at approximately $2,037,000. 44.81% of the stock is 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.