Gatos Silver (NYSE:GATO) Shares Gap Down to $12.52

Gatos Silver, Inc. (NYSE:GATO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $12.52, but opened at $12.16. Gatos Silver shares last traded at $12.17, with a volume of 46,434 shares changing hands.

Analysts Set New Price Targets

GATO has been the subject of a number of research reports. Cibc World Mkts raised Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC lifted their target price on shares of Gatos Silver from $16.00 to $18.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Gatos Silver presently has an average rating of “Moderate Buy” and an average price target of $11.80.

Gatos Silver Stock Performance

The firm has a market capitalization of $851.62 million, a price-to-earnings ratio of 55.95 and a beta of 2.10. The business’s 50 day moving average is $11.94 and its 200-day moving average is $10.19.

Gatos Silver (NYSE:GATO) last released its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02).

Hedge Funds Weigh In On Gatos Silver

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its stake 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 valued at $13,836,000 after purchasing an additional 64,758 shares in the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of Gatos Silver in the 2nd quarter valued at $404,000. Squarepoint Ops LLC acquired a new stake in shares of Gatos Silver during the 2nd quarter worth about $185,000. Cubist Systematic Strategies LLC bought a new position in Gatos Silver during the 2nd quarter valued at about $702,000. Finally, XTX Topco Ltd acquired a new position in Gatos Silver in the second quarter valued at about $112,000. 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.