Gatos Silver (NYSE:GATO) Stock Price Up 10.9% – Time to Buy?

Gatos Silver, Inc. (NYSE:GATO)’s share price shot up 10.9% during mid-day trading on Monday . The stock traded as high as $17.06 and last traded at $17.01. 102,791 shares changed hands during trading, a decline of 83% from the average session volume of 589,212 shares. The stock had previously closed at $15.34.

Wall Street Analyst Weigh In

GATO has been the subject of several analyst reports. CIBC boosted their target price 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. Royal Bank of Canada upped their target price on Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 10th. Canaccord Genuity Group restated 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 research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Gatos Silver has an average rating of “Hold” and a consensus price target of $12.90.

Gatos Silver Stock Up 8.9 %

The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 34.71 and a beta of 1.93. The stock has a fifty day moving average of $16.72 and a two-hundred day moving average of $13.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lingotto Investment Management LLP boosted its position in shares of Gatos Silver by 1.6% in the second quarter. Lingotto Investment Management LLP now owns 3,503,669 shares of the company’s stock worth $36,578,000 after buying an additional 54,222 shares during the period. Mackenzie Financial Corp lifted its position in Gatos Silver by 5.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,329,125 shares of the company’s stock worth $13,836,000 after acquiring an additional 64,758 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in Gatos Silver in the 3rd quarter worth approximately $20,018,000. Dimensional Fund Advisors LP grew its position in Gatos Silver by 18.4% in the second quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company’s stock valued at $9,853,000 after acquiring an additional 146,462 shares in the last quarter. Finally, Citigroup Inc. purchased a new stake in shares of Gatos Silver during the third quarter valued at approximately $10,676,000. 44.81% of the stock is owned by institutional investors and hedge funds.

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.