Gatos Silver (NYSE:GATO) Shares Gap Up – What’s Next?

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 trading hands.

Analysts Set New Price Targets

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

Gatos Silver Stock Performance

The company has a market cap of $1.16 billion, a P/E ratio of 34.27 and a beta of 2.05. The stock’s fifty day moving average price is $16.64 and its two-hundred day moving average price is $13.45.

Institutional Investors Weigh In On Gatos Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in GATO. Lingotto Investment Management LLP raised its holdings in shares of Gatos Silver by 1.6% during the 2nd quarter. Lingotto Investment Management LLP now owns 3,503,669 shares of the company’s stock worth $36,578,000 after buying an additional 54,222 shares in the last quarter. Tidal Investments LLC acquired a new position in Gatos Silver during the first quarter worth about $17,397,000. Mackenzie Financial Corp lifted its holdings in shares of Gatos Silver by 5.1% in the second quarter. Mackenzie Financial Corp now owns 1,329,125 shares of the company’s stock worth $13,836,000 after acquiring an additional 64,758 shares during the last quarter. Alpine Associates Management Inc. acquired a new stake in shares of Gatos Silver in the 3rd quarter valued at approximately $20,018,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of 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. 44.81% of the stock is currently owned by 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.