Gatos Silver (NYSE:GATO) Stock Price Up 5.2% – Should You Buy?

Gatos Silver, Inc. (NYSE:GATO)’s share price was up 5.2% on Tuesday . The stock traded as high as $15.73 and last traded at $15.72. Approximately 89,092 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 594,082 shares. The stock had previously closed at $14.95.

Analyst Upgrades and Downgrades

GATO has been the topic of several recent research reports. Royal Bank of Canada boosted their price objective on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research report on Tuesday, September 10th. CIBC raised their price objective on shares of Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research note on Thursday, September 26th. Canaccord Genuity Group restated a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.90.

Gatos Silver Price Performance

The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 30.51 and a beta of 1.93. The firm’s 50-day moving average is $16.76 and its 200 day moving average is $13.73.

Hedge Funds Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently modified their holdings of the company. Versor Investments LP purchased a new position in Gatos Silver in the third quarter valued at approximately $2,953,000. Alpha DNA Investment Management LLC acquired a new position in shares of Gatos Silver during the 2nd quarter valued at $404,000. Citigroup Inc. purchased a new stake in Gatos Silver during the 3rd quarter worth $10,676,000. Dimensional Fund Advisors LP increased its holdings in Gatos Silver by 18.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company’s stock valued at $9,853,000 after purchasing an additional 146,462 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its position in Gatos Silver by 23.0% in the second quarter. ClariVest Asset Management LLC now owns 248,312 shares of the company’s stock valued at $2,592,000 after purchasing an additional 46,407 shares during the period. 44.81% of the stock is owned by institutional investors and hedge funds.

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.