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

Gatos Silver (NYSE:GATO) was upgraded by research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a $5.50 price objective on the stock, up from their prior price objective of $5.00. Canaccord Genuity Group’s price target would suggest a potential upside of 9.24% from the company’s previous close.

Gatos Silver Stock Up 8.3 %

Shares of NYSE:GATO opened at $5.04 on Thursday. Gatos Silver has a 52 week low of $2.20 and a 52 week high of $7.49. The stock has a market capitalization of $348.22 million, a P/E ratio of -83.99 and a beta of 2.32. The firm has a fifty day simple moving average of $4.55 and a two-hundred day simple moving average of $4.96.

Gatos Silver (NYSE:GATO) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($0.05) EPS for the quarter.

Institutional Investors Weigh In On Gatos Silver

Institutional investors have recently made changes to their positions in the company. Ethic Inc. bought a new stake in shares of Gatos Silver in the 1st quarter worth about $55,000. Walleye Capital LLC bought a new stake in Gatos Silver during the 2nd quarter valued at about $67,000. BNP Paribas Arbitrage SNC bought a new stake in Gatos Silver during the 3rd quarter valued at about $75,000. Y Intercept Hong Kong Ltd bought a new stake in Gatos Silver during the 1st quarter valued at about $81,000. Finally, PDT Partners LLC bought a new stake in Gatos Silver during the 4th quarter valued at about $90,000. Institutional investors own 47.72% of the company’s stock.

About Gatos Silver

Gatos Silver, Inc engages in the exploration, development, and production of precious metals. It explores for silver deposits. The company 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. The company was formerly known as Sunshine Silver Mining & Refining Corporation and changed its name to Gatos Silver, Inc in October 2020.