Gatos Silver (NYSE:GATO) Lifted to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Gatos Silver (NYSE:GATO) from a hold rating to a buy rating in a research report released on Tuesday morning, MarketBeat Ratings reports. Canaccord Genuity Group currently has $12.50 price target on the stock, up from their previous price target of $6.50.

GATO has been the subject of a number of other reports. Royal Bank of Canada increased their target price on Gatos Silver from $6.50 to $7.00 and gave the stock a sector perform rating in a report on Thursday, March 28th. BMO Capital Markets increased their target price on Gatos Silver from $8.00 to $9.00 and gave the stock a market perform rating in a report on Thursday, April 11th.

Gatos Silver Trading Up 2.3 %

Shares of GATO opened at $10.14 on Tuesday. Gatos Silver has a 1 year low of $3.51 and a 1 year high of $10.96. The stock has a 50 day simple moving average of $8.04 and a 200-day simple moving average of $6.61. The stock has a market cap of $701.49 million, a PE ratio of 53.37 and a beta of 2.21.

Gatos Silver (NYSE:GATO) last issued its earnings results on Wednesday, February 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.12.

Institutional Investors Weigh In On Gatos Silver

A number of hedge funds and other institutional investors have recently bought and sold shares of GATO. Van ECK Associates Corp increased its holdings in Gatos Silver by 17.3% during the 4th quarter. Van ECK Associates Corp now owns 2,027,870 shares of the company’s stock valued at $13,262,000 after purchasing an additional 298,425 shares in the last quarter. Sprott Inc. increased its stake in shares of Gatos Silver by 9.1% in the 4th quarter. Sprott Inc. now owns 3,496,292 shares of the company’s stock valued at $22,848,000 after buying an additional 291,052 shares during the period. Virtu Financial LLC acquired a new stake in shares of Gatos Silver in the 4th quarter valued at $182,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Gatos Silver by 2.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,202,624 shares of the company’s stock valued at $6,230,000 after buying an additional 23,996 shares during the period. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Gatos Silver in the 4th quarter valued at $130,000. 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.