Gatos Silver (NYSE:GATO) Upgraded to “Buy” by Canaccord Genuity Group

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

A number of other research firms have also weighed in on GATO. Canaccord Genuity Group raised Gatos Silver from a hold rating to a buy rating and raised their price objective for the company from $6.50 to $12.50 in a research report on Tuesday. Royal Bank of Canada increased their price target on shares of Gatos Silver from $6.50 to $7.00 and gave the company a sector perform rating in a report on Thursday, March 28th. Finally, BMO Capital Markets raised their price target on shares of Gatos Silver from $8.00 to $9.00 and gave the company a market perform rating in a research report on Thursday, April 11th.

Gatos Silver Price Performance

GATO opened at $10.12 on Tuesday. Gatos Silver has a 1 year low of $3.51 and a 1 year high of $10.96. The firm has a market cap of $700.10 million, a price-to-earnings ratio of 53.26 and a beta of 2.21. The stock’s 50 day simple moving average is $7.87 and its 200 day simple moving average is $6.56.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sprott Inc. boosted its stake in shares of Gatos Silver by 9.1% in the fourth quarter. Sprott Inc. now owns 3,496,292 shares of the company’s stock worth $22,848,000 after acquiring an additional 291,052 shares during the period. Van ECK Associates Corp boosted its stake in Gatos Silver by 17.3% in the 4th quarter. Van ECK Associates Corp now owns 2,027,870 shares of the company’s stock worth $13,262,000 after purchasing an additional 298,425 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Gatos Silver by 0.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,211,756 shares of the company’s stock valued at $7,925,000 after buying an additional 9,132 shares in the last quarter. Virtu Financial LLC purchased a new stake in Gatos Silver during the 4th quarter valued at approximately $182,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Gatos Silver during the fourth quarter valued at approximately $130,000. Hedge funds and other institutional investors own 44.81% of the company’s stock.

Gatos Silver Company Profile

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.