Gatos Silver (NYSE:GATO) Shares Down 3.6%

Gatos Silver, Inc. (NYSE:GATO) shares dropped 3.6% during mid-day trading on Monday . The company traded as low as $15.31 and last traded at $15.32. Approximately 99,280 shares were traded during trading, a decline of 81% from the average daily volume of 509,237 shares. The stock had previously closed at $15.90.

Wall Street Analysts Forecast Growth

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

Gatos Silver Stock Down 5.2 %

The business’s fifty day moving average is $12.89 and its two-hundred day moving average is $11.37. The stock has a market capitalization of $1.04 billion, a PE ratio of 72.27 and a beta of 2.09.

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

Institutional Investors Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sprott Inc. increased its position in Gatos Silver by 9.1% during the fourth quarter. Sprott Inc. now owns 3,496,292 shares of the company’s stock valued at $22,848,000 after acquiring an additional 291,052 shares during the last quarter. Virtu Financial LLC purchased a new stake in Gatos Silver in the 4th quarter worth about $182,000. Cornerstone Investment Partners LLC bought a new stake in Gatos Silver in the first quarter worth about $172,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Gatos Silver by 6.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,292,645 shares of the company’s stock worth $10,845,000 after purchasing an additional 80,889 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Gatos Silver during the first quarter valued at approximately $196,000. 44.81% of the stock is currently owned by hedge funds and other 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.