Gatos Silver, Inc. (NYSE:GATO) Short Interest Down 8.0% in July

Gatos Silver, Inc. (NYSE:GATO) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,270,000 shares, a drop of 8.0% from the July 15th total of 1,380,000 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average trading volume of 528,200 shares, the short-interest ratio is presently 2.4 days.

Institutional Investors Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new stake in Gatos Silver during the fourth quarter worth $64,000. Van ECK Associates Corp lifted its holdings in shares of Gatos Silver by 17.3% during the fourth quarter. Van ECK Associates Corp now owns 2,027,870 shares of the company’s stock valued at $13,262,000 after acquiring an additional 298,425 shares during the period. Jump Financial LLC bought a new position in shares of Gatos Silver during the fourth quarter valued at $94,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Gatos Silver during the fourth quarter valued at $130,000. Finally, Sprott Inc. lifted its holdings in shares of Gatos Silver by 9.1% during the fourth quarter. Sprott Inc. now owns 3,496,292 shares of the company’s stock valued at $22,848,000 after acquiring an additional 291,052 shares during the period. Institutional investors and hedge funds own 44.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GATO. Canaccord Genuity Group upgraded shares of Gatos Silver from a “hold” rating to a “buy” rating and increased their target price for the company from $6.50 to $12.50 in a research report on Tuesday, April 23rd. CIBC increased their target price on shares of Gatos Silver from $16.00 to $18.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Canaccord Genuity Group upgraded shares of Gatos Silver from a “hold” rating to a “buy” rating and increased their target price for the company from $6.50 to $12.50 in a research report on Tuesday, April 23rd. Finally, Cibc World Mkts upgraded shares of Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.80.

Gatos Silver Stock Performance

Shares of GATO opened at $13.01 on Wednesday. The firm has a market cap of $900.04 million, a PE ratio of 59.14 and a beta of 2.10. The firm’s 50 day moving average price is $11.69 and its 200 day moving average price is $9.94. Gatos Silver has a twelve month low of $4.03 and a twelve month high of $14.45.

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

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.