Gatos Silver, Inc. (NYSE:GATO) Short Interest Up 8.2% in September

Gatos Silver, Inc. (NYSE:GATO) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,190,000 shares, an increase of 8.2% from the August 31st total of 1,100,000 shares. Based on an average daily volume of 679,900 shares, the days-to-cover ratio is presently 1.8 days. Approximately 2.6% of the shares of the company are sold short.

Hedge Funds Weigh In On Gatos Silver

Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Gatos Silver by 23,313.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after purchasing an additional 6,994 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Gatos Silver in the 2nd quarter valued at about $112,000. Arizona State Retirement System bought a new position in shares of Gatos Silver in the 2nd quarter valued at about $121,000. Squarepoint Ops LLC bought a new position in shares of Gatos Silver in the 2nd quarter valued at about $185,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Gatos Silver in the 1st quarter valued at about $172,000. Institutional investors and hedge funds own 44.81% of the company’s stock.

Gatos Silver Price Performance

NYSE:GATO opened at $15.36 on Wednesday. The stock has a market cap of $1.06 billion, a P/E ratio of 69.82 and a beta of 2.09. Gatos Silver has a one year low of $4.39 and a one year high of $16.65. The company has a fifty day moving average price of $12.98 and a 200 day moving average price of $11.47.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Royal Bank of Canada lifted 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. Cibc World Mkts raised shares of Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, CIBC lifted their price target on shares of Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.90.

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.