Gatos Silver (NYSE:GATO) Shares Gap Up – Here’s Why

Gatos Silver, Inc. (NYSE:GATO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $15.90, but opened at $16.56. Gatos Silver shares last traded at $16.77, with a volume of 112,244 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Canaccord Genuity Group lowered Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 10th. Finally, CIBC lifted their price objective on Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research report on Thursday, September 26th. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.90.

Gatos Silver Stock Performance

The company has a market cap of $1.18 billion, a P/E ratio of 32.45 and a beta of 2.05. The business has a fifty day simple moving average of $16.44 and a 200 day simple moving average of $13.35.

Hedge Funds Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Gatos Silver by 53.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company’s stock worth $163,000 after acquiring an additional 3,783 shares during the period. Geode Capital Management LLC increased its stake in Gatos Silver by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 514,280 shares of the company’s stock valued at $7,759,000 after buying an additional 5,991 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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. Barclays PLC lifted its stake in shares of Gatos Silver by 1,332.9% in the 3rd quarter. Barclays PLC now owns 10,116 shares of the company’s stock worth $152,000 after acquiring an additional 9,410 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Gatos Silver in the second quarter valued at approximately $112,000. 44.81% of the stock is currently 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.