Gatos Silver (NYSE:GATO) Trading Down 2.4% – What’s Next?

Gatos Silver, Inc. (NYSE:GATO)’s stock price fell 2.4% during trading on Wednesday . The company traded as low as $14.46 and last traded at $14.51. 130,631 shares were traded during mid-day trading, a decline of 63% from the average session volume of 356,365 shares. The stock had previously closed at $14.86.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group downgraded Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. CIBC boosted their price target on Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research report on Thursday, September 26th. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.90.

Gatos Silver Price Performance

The company has a 50-day moving average price of $15.18 and a two-hundred day moving average price of $14.52. The company has a market cap of $1.00 billion, a PE ratio of 29.39 and a beta of 1.95.

Institutional Investors Weigh In On Gatos Silver

Several institutional investors and hedge funds have recently modified their holdings of GATO. Alpine Associates Management Inc. purchased a new stake in shares of Gatos Silver in the third quarter worth about $20,018,000. Citigroup Inc. purchased a new stake in shares of Gatos Silver in the third quarter worth about $10,676,000. Charles Schwab Investment Management Inc. boosted its position in shares of Gatos Silver by 905.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 274,860 shares of the company’s stock worth $4,145,000 after buying an additional 247,510 shares during the period. Versor Investments LP purchased a new stake in shares of Gatos Silver in the third quarter worth about $2,953,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Gatos Silver by 18.4% in the second quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company’s stock worth $9,853,000 after buying an additional 146,462 shares during the period. Hedge funds and other institutional investors own 44.81% of the company’s stock.

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.