Gatos Silver (NYSE:GATO) Trading 2.9% Higher – Here’s What Happened

Gatos Silver, Inc. (NYSE:GATO) was up 2.9% during mid-day trading on Thursday . The stock traded as high as $16.19 and last traded at $16.17. Approximately 207,887 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 535,684 shares. The stock had previously closed at $15.71.

Analyst Ratings Changes

GATO has been the subject of several research analyst reports. Royal Bank of Canada increased their price objective on Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. Cibc World Mkts upgraded shares of Gatos Silver to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, CIBC upped 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. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.90.

Gatos Silver Trading Down 1.0 %

The company has a market cap of $1.14 billion, a PE ratio of 41.08 and a beta of 2.10. The stock has a 50 day moving average price of $13.59 and a 200 day moving average price of $11.86.

Gatos Silver (NYSE:GATO) last announced its earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02).

Hedge Funds Weigh In On Gatos Silver

Several large investors have recently made changes to their positions in GATO. Alpha DNA Investment Management LLC purchased a new stake in Gatos Silver during the 2nd quarter valued at about $404,000. ClariVest Asset Management LLC lifted its position in Gatos Silver by 23.0% in the 2nd quarter. ClariVest Asset Management LLC now owns 248,312 shares of the company’s stock valued at $2,592,000 after acquiring an additional 46,407 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Gatos Silver by 18.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company’s stock valued at $9,853,000 after purchasing an additional 146,462 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Gatos Silver by 6.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,292,645 shares of the company’s stock worth $10,845,000 after purchasing an additional 80,889 shares in the last quarter. Finally, Lingotto Investment Management LLP increased its holdings in shares of Gatos Silver by 1.6% in the 2nd quarter. Lingotto Investment Management LLP now owns 3,503,669 shares of the company’s stock worth $36,578,000 after purchasing an additional 54,222 shares in the last quarter. 44.81% of the stock is currently 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.