Gatos Silver (NYSE:GATO) Shares Up 6.8% - Still a Buy?

Shares of Gatos Silver, Inc. (NYSE:GATO - Get Free Report) shot up 6.8% during mid-day trading on Tuesday . The company traded as high as $15.14 and last traded at $15.11. 105,301 shares were traded during trading, a decline of 70% from the average session volume of 348,160 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Canaccord Genuity Group cut shares of Gatos Silver from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. CIBC increased 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 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 company. Based on data from MarketBeat.com, Gatos Silver presently has an average rating of "Hold" and a consensus target price of $12.90.

Gatos Silver Stock Up 5.2 %

The stock has a market cap of $1.03 billion, a P/E ratio of 30.37 and a beta of 1.95. The stock has a fifty day simple moving average of $15.27 and a 200-day simple moving average of $14.52.

Hedge Funds Weigh In On Gatos Silver

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Lingotto Investment Management LLP lifted its holdings in Gatos Silver by 1.6% during the second quarter. Lingotto Investment Management LLP now owns 3,503,669 shares of the company's stock worth $36,578,000 after acquiring an additional 54,222 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Gatos Silver by 5.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,329,125 shares of the company's stock valued at $13,836,000 after purchasing an additional 64,758 shares in the last quarter. Alpine Associates Management Inc. acquired a new position in shares of Gatos Silver in the 3rd quarter valued at approximately $20,018,000. Dimensional Fund Advisors LP increased its stake in Gatos Silver by 18.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company's stock worth $9,853,000 after purchasing an additional 146,462 shares in the last quarter. Finally, Citigroup Inc. bought a new stake in Gatos Silver during the 3rd quarter worth approximately $10,676,000. 44.81% of the stock is owned by 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.