Gatos Silver (NYSE:GATO) Shares Up 7.6% - Here's What Happened

Gatos Silver, Inc. (NYSE:GATO - Get Free Report)'s stock price traded up 7.6% during mid-day trading on Thursday . The company traded as high as $15.20 and last traded at $15.04. 181,668 shares changed hands during trading, a decline of 69% from the average session volume of 582,740 shares. The stock had previously closed at $13.98.

Wall Street Analyst Weigh In

GATO has been the subject of several recent research reports. CIBC raised their price objective on shares of Gatos Silver from $15.00 to $17.50 and gave the company an "outperformer" rating in a research note on Thursday, September 26th. Royal Bank of Canada boosted 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 cut Gatos Silver from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group reissued a "hold" rating on shares of Gatos Silver in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Gatos Silver presently has an average rating of "Hold" and an average target price of $12.90.

Gatos Silver Price Performance

The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 30.90 and a beta of 1.93. The business's 50 day moving average is $15.98 and its 200 day moving average is $14.23.

Institutional Investors Weigh In On Gatos Silver

Institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Gatos Silver by 23,313.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company's stock valued at $73,000 after acquiring an additional 6,994 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Gatos Silver in the 2nd quarter valued at about $112,000. Arizona State Retirement System purchased a new stake in shares of Gatos Silver in the 2nd quarter valued at about $121,000. Barclays PLC boosted its position in shares of Gatos Silver by 1,332.9% in the 3rd quarter. Barclays PLC now owns 10,116 shares of the company's stock valued at $152,000 after purchasing an additional 9,410 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Gatos Silver during the second quarter worth approximately $185,000. 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.