Gatos Silver (NYSE:GATO) Shares Up 4.4% Following Analyst Upgrade

Shares of Gatos Silver, Inc. (NYSE:GATO) rose 4.4% during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $11.00 to $13.00. Royal Bank of Canada currently has a sector perform rating on the stock. Gatos Silver traded as high as $12.55 and last traded at $12.55. Approximately 209,325 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 449,625 shares. The stock had previously closed at $12.02.

Several other research analysts have also issued reports on the company. Cibc World Mkts raised Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC reduced their price target on shares of Gatos Silver from $18.00 to $15.00 and set an “outperformer” rating for the company in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.40.

Institutional Investors Weigh In On Gatos Silver

Institutional investors have recently made changes to their positions in the company. Lingotto Investment Management LLP increased its stake 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 purchasing an additional 54,222 shares in the last quarter. Sprott Inc. lifted its holdings in Gatos Silver by 9.1% during the 4th quarter. Sprott Inc. now owns 3,496,292 shares of the company’s stock valued at $22,848,000 after buying an additional 291,052 shares in the last quarter. Tidal Investments LLC bought a new stake in Gatos Silver during the 1st quarter valued at $17,397,000. Mackenzie Financial Corp lifted its stake in Gatos Silver by 5.1% in the second 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 during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Gatos Silver by 6.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,292,645 shares of the company’s stock valued at $10,845,000 after purchasing an additional 80,889 shares in the last quarter. Hedge funds and other institutional investors own 44.81% of the company’s stock.

Gatos Silver Stock Performance

The firm has a market capitalization of $868.91 million, a PE ratio of 55.41 and a beta of 2.10. The stock has a fifty day moving average price of $12.17 and a 200-day moving average price of $10.59.

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

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.