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

Gatos Silver (NYSE:GATO) was upgraded by equities researchers at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $12.50 price objective on the stock, up from their previous price objective of $6.50. Canaccord Genuity Group’s target price would indicate a potential upside of 26.14% from the stock’s previous close.

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

Gatos Silver Stock Down 2.1 %

Shares of NYSE GATO opened at $9.91 on Tuesday. Gatos Silver has a 52 week low of $3.51 and a 52 week high of $10.96. The firm has a 50-day simple moving average of $7.95 and a 200-day simple moving average of $6.59. The stock has a market capitalization of $685.57 million, a price-to-earnings ratio of 52.16 and a beta of 2.21.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in Gatos Silver by 17.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock worth $75,000 after buying an additional 1,690 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Gatos Silver by 0.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,211,756 shares of the company’s stock worth $7,925,000 after buying an additional 9,132 shares during the period. International Assets Investment Management LLC purchased a new position in Gatos Silver during the fourth quarter worth about $64,000. Barclays PLC purchased a new position in shares of Gatos Silver in the third quarter valued at approximately $60,000. Finally, Van ECK Associates Corp boosted its stake in shares of Gatos Silver by 0.7% in the third quarter. Van ECK Associates Corp now owns 1,729,445 shares of the company’s stock valued at $8,959,000 after purchasing an additional 11,884 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.