Gatos Silver, Inc. (NYSE:GATO) Sees Large Growth in Short Interest

Gatos Silver, Inc. (NYSE:GATO) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 1,190,000 shares, a growth of 8.2% from the August 31st total of 1,100,000 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily volume of 679,900 shares, the short-interest ratio is currently 1.8 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Gatos Silver by 23,313.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after buying an additional 6,994 shares during the last quarter. XTX Topco Ltd bought a new stake in Gatos Silver in the second quarter worth $112,000. Arizona State Retirement System bought a new stake in Gatos Silver in the second quarter worth $121,000. American Century Companies Inc. lifted its position in Gatos Silver by 17.3% in the second quarter. American Century Companies Inc. now owns 84,930 shares of the company’s stock worth $887,000 after buying an additional 12,522 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Gatos Silver in the second quarter worth $185,000. 44.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GATO has been the subject of a number of recent research reports. Royal Bank of Canada boosted their price objective on Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 10th. Cibc World Mkts upgraded shares of Gatos Silver to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, CIBC raised their price objective on shares of Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Gatos Silver has a consensus rating of “Moderate Buy” and an average target price of $12.90.

Gatos Silver Price Performance

GATO stock opened at $15.90 on Monday. Gatos Silver has a 1-year low of $4.39 and a 1-year high of $16.65. The business has a 50 day simple moving average of $12.89 and a two-hundred day simple moving average of $11.37. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 72.27 and a beta of 2.09.

Gatos Silver (NYSE:GATO) last announced its quarterly earnings data 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).

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.