Gatos Silver (NYSE:GATO) Rating Increased to Buy at Canaccord Genuity Group

Gatos Silver (NYSE:GATO) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat Ratings reports. The firm presently has a $12.50 target price on the stock, up from their previous target price of $6.50. Canaccord Genuity Group’s price objective indicates a potential upside of 26.14% from the company’s current price.

GATO has been the topic of a number of other reports. Royal Bank of Canada lifted their price objective on shares of Gatos Silver from $6.50 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday, March 28th. BMO Capital Markets lifted their target price on Gatos Silver from $8.00 to $9.00 and gave the stock a “market perform” rating in a report on Thursday, April 11th.

Gatos Silver Stock Down 2.1 %

Shares of NYSE GATO opened at $9.91 on Tuesday. Gatos Silver has a fifty-two week low of $3.51 and a fifty-two week high of $10.96. The firm’s 50-day simple moving average is $7.95 and its 200 day simple moving average is $6.59. The stock has a market cap of $685.57 million, a P/E ratio of 52.16 and a beta of 2.21.

Gatos Silver (NYSE:GATO) last issued its quarterly earnings data on Wednesday, February 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.12.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GATO. Van ECK Associates Corp lifted its position in shares of Gatos Silver by 0.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,729,445 shares of the company’s stock valued at $8,959,000 after acquiring an additional 11,884 shares in the last quarter. Sprott Inc. lifted its position in shares of Gatos Silver by 2.6% in the 3rd quarter. Sprott Inc. now owns 3,205,240 shares of the company’s stock valued at $16,603,000 after acquiring an additional 81,076 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Gatos Silver by 0.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,211,756 shares of the company’s stock valued at $7,925,000 after acquiring an additional 9,132 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Gatos Silver by 17.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock valued at $75,000 after acquiring an additional 1,690 shares in the last quarter. Finally, Barclays PLC purchased a new stake in shares of Gatos Silver in the 3rd quarter valued at approximately $60,000. 44.81% of the stock is owned by institutional investors and hedge funds.

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.