Gatos Silver (NYSE:GATO) Shares Gap Up - Time to Buy?

Shares of Gatos Silver, Inc. (NYSE:GATO - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $15.90, but opened at $16.56. Gatos Silver shares last traded at $16.77, with a volume of 112,244 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a "sector perform" rating in a research note on Tuesday, September 10th. Canaccord Genuity Group lowered shares of Gatos Silver from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. CIBC raised their price objective 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 reiterated a "hold" rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $12.90.

Gatos Silver Trading Up 4.8 %

The firm has a 50 day simple moving average of $16.54 and a 200 day simple moving average of $13.40. The firm has a market capitalization of $1.16 billion, a PE ratio of 34.00 and a beta of 2.05.

Hedge Funds Weigh In On Gatos Silver

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Gatos Silver by 53.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,807 shares of the company's stock worth $163,000 after purchasing an additional 3,783 shares during the period. Geode Capital Management LLC increased its stake in Gatos Silver by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 514,280 shares of the company's stock worth $7,759,000 after buying an additional 5,991 shares in the last quarter. 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 buying an additional 6,994 shares in the last quarter. Barclays PLC boosted its stake in shares of Gatos Silver by 1,332.9% in the third quarter. Barclays PLC now owns 10,116 shares of the company's stock worth $152,000 after acquiring an additional 9,410 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Gatos Silver in the second quarter worth about $112,000. 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.