Gatos Silver (NYSE:GATO) Shares Up 7.6% – Time to Buy?

Gatos Silver, Inc. (NYSE:GATO) shares shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $15.20 and last traded at $15.04. 181,668 shares traded hands during trading, a decline of 69% from the average session volume of 582,740 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GATO. Canaccord Genuity Group reaffirmed a “hold” rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Royal Bank of Canada upped their target price on Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. Canaccord Genuity Group cut Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, CIBC upped their price target on Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research note on Thursday, September 26th. Four equities 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, Gatos Silver presently has a consensus rating of “Hold” and an average price target of $12.90.

Gatos Silver Stock Performance

The stock has a fifty day simple moving average of $15.98 and a 200 day simple moving average of $14.23. The firm has a market cap of $1.04 billion, a P/E ratio of 30.51 and a beta of 1.93.

Institutional Investors Weigh In On Gatos Silver

Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 valued at $73,000 after purchasing an additional 6,994 shares during the period. Arizona State Retirement System purchased a new stake in Gatos Silver during the second quarter valued at approximately $121,000. ClariVest Asset Management LLC increased its holdings in Gatos Silver by 23.0% during the second quarter. ClariVest Asset Management LLC now owns 248,312 shares of the company’s stock valued at $2,592,000 after buying an additional 46,407 shares during the last quarter. American Century Companies Inc. raised its position in Gatos Silver by 17.3% in the second quarter. American Century Companies Inc. now owns 84,930 shares of the company’s stock worth $887,000 after acquiring an additional 12,522 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Gatos Silver by 18.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company’s stock worth $9,853,000 after acquiring an additional 146,462 shares during 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.