Gatos Silver (NYSE:GATO) Shares Gap Down – Here’s What Happened

Shares of Gatos Silver, Inc. (NYSE:GATO) gapped down prior to trading on Monday . The stock had previously closed at $15.83, but opened at $15.05. Gatos Silver shares last traded at $15.34, with a volume of 8,735 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GATO shares. Canaccord Genuity Group reiterated a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their target price on Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 10th. CIBC increased their price target on Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research report on Thursday, September 26th. Finally, Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.90.

Gatos Silver Stock Up 0.8 %

The firm has a market capitalization of $1.07 billion, a PE ratio of 31.57 and a beta of 2.05. The company’s 50-day simple moving average is $16.75 and its 200 day simple moving average is $13.64.

Hedge Funds Weigh In On Gatos Silver

Institutional investors and hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. purchased a new position in shares of Gatos Silver in the 1st quarter valued at approximately $196,000. U S Global Investors Inc. acquired a new position in shares of Gatos Silver in the 2nd quarter valued at $940,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Gatos Silver by 23,313.3% during 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 period. Arizona State Retirement System acquired a new position in shares of Gatos Silver in the second quarter valued at about $121,000. Finally, ClariVest Asset Management LLC lifted its holdings in shares of Gatos Silver by 23.0% during the second quarter. ClariVest Asset Management LLC now owns 248,312 shares of the company’s stock worth $2,592,000 after purchasing an additional 46,407 shares during the period. 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.