Gatos Silver (NYSE:GATO) Rating Increased 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 sent to investors on Tuesday, MarketBeat.com reports. The firm currently has $12.50 price objective on the stock, up from their previous price objective of $6.50.

Other analysts have also issued research reports about the company. BMO Capital Markets upped their price objective on Gatos Silver from $8.00 to $9.00 and gave the company a market perform rating in a research note on Thursday, April 11th. Royal Bank of Canada upped their price objective on Gatos Silver from $6.50 to $7.00 and gave the company a sector perform rating in a research note on Thursday, March 28th. Finally, Canaccord Genuity Group upgraded Gatos Silver from a hold rating to a buy rating and upped their price objective for the company from $6.50 to $12.50 in a research note on Tuesday.

Gatos Silver Stock Performance

GATO opened at $10.24 on Tuesday. Gatos Silver has a 52-week low of $3.51 and a 52-week high of $10.96. The firm has a market capitalization of $708.41 million, a PE ratio of 53.89 and a beta of 2.21. The business’s 50-day simple moving average is $8.12 and its 200 day simple moving average is $6.65.

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

Hedge Funds Weigh In On Gatos Silver

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp grew its position in shares of Gatos Silver by 0.7% in the third quarter. Van ECK Associates Corp now owns 1,729,445 shares of the company’s stock valued at $8,959,000 after purchasing an additional 11,884 shares during the last quarter. Sprott Inc. grew its position in Gatos Silver by 2.6% during the third quarter. Sprott Inc. now owns 3,205,240 shares of the company’s stock worth $16,603,000 after buying an additional 81,076 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Gatos Silver by 0.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,211,756 shares of the company’s stock worth $7,925,000 after buying an additional 9,132 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Gatos Silver by 17.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock worth $75,000 after buying an additional 1,690 shares in the last quarter. Finally, Barclays PLC acquired a new stake in Gatos Silver during the third quarter worth approximately $60,000. Institutional investors and hedge funds own 44.81% of the company’s stock.

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.