Gatos Silver (NYSE:GATO) Stock Price Up 6.8% – Still a Buy?

Gatos Silver, Inc. (NYSE:GATO)’s stock price was up 6.8% during mid-day trading on Friday . The stock traded as high as $17.25 and last traded at $17.08. Approximately 127,296 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 537,591 shares. The stock had previously closed at $15.99.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada raised their price objective on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. CIBC lifted their price target on shares of Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research note on Thursday, September 26th. Finally, Cibc World Mkts upgraded Gatos Silver to a “strong-buy” rating in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.90.

Gatos Silver Price Performance

The stock’s 50-day simple moving average is $14.22 and its two-hundred day simple moving average is $12.18. The firm has a market capitalization of $1.28 billion, a P/E ratio of 83.95 and a beta of 2.10.

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

Institutional Investors Weigh In On Gatos Silver

Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Gatos Silver by 23,313.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after acquiring an additional 6,994 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Gatos Silver during the 2nd quarter valued at about $112,000. Arizona State Retirement System bought a new position in shares of Gatos Silver in the 2nd quarter valued at about $121,000. Virtu Financial LLC bought a new position in shares of Gatos Silver in the 4th quarter valued at about $182,000. Finally, Squarepoint Ops LLC purchased a new position in Gatos Silver in the second quarter worth about $185,000. 44.81% of the stock is owned by hedge funds and other institutional investors.

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.