Gatos Silver (NYSE:GATO) Trading 5.8% Higher – Still a Buy?

Gatos Silver, Inc. (NYSE:GATO)’s share price was up 5.8% during trading on Thursday . The stock traded as high as $16.35 and last traded at $16.35. Approximately 416,845 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 565,095 shares. The stock had previously closed at $15.45.

Analysts Set New Price Targets

GATO has been the topic of a number of recent research reports. CIBC lifted their price target on Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research note on Thursday, September 26th. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Royal Bank of Canada upped their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 10th. Finally, Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.90.

Gatos Silver Trading Down 1.9 %

The stock’s 50-day moving average price is $16.44 and its 200-day moving average price is $13.30. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 32.47 and a beta of 2.05.

Hedge Funds Weigh In On Gatos Silver

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Gatos Silver in the 1st quarter worth about $196,000. Tidal Investments LLC bought a new stake in Gatos Silver in the first quarter worth approximately $17,397,000. U S Global Investors Inc. acquired a new position in Gatos Silver in the second quarter valued at approximately $940,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Gatos Silver by 23,313.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after buying an additional 6,994 shares in the last quarter. Finally, Arizona State Retirement System acquired a new stake in shares of Gatos Silver during the 2nd quarter worth approximately $121,000. Institutional investors and hedge funds own 44.81% of the company’s stock.

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.