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

Gatos Silver (NYSE:GATO) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat Ratings reports. The firm currently has a $12.50 price objective on the stock, up from their previous price objective of $6.50. Canaccord Genuity Group’s price target suggests a potential upside of 26.14% from the company’s current price.

GATO has been the subject of a number of other research reports. BMO Capital Markets increased their target price on Gatos Silver from $8.00 to $9.00 and gave the company a “market perform” rating in a research note on Thursday, April 11th. Royal Bank of Canada increased their target price on Gatos Silver from $6.50 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday, March 28th. Finally, Canaccord Genuity Group upgraded Gatos Silver from a “hold” rating to a “buy” rating and increased their target price for the company from $6.50 to $12.50 in a research note on Tuesday.

Gatos Silver Trading Down 2.1 %

Gatos Silver stock opened at $9.91 on Tuesday. The firm has a market capitalization of $685.57 million, a P/E ratio of 52.16 and a beta of 2.21. The stock has a fifty day moving average price of $7.95 and a 200 day moving average price of $6.59. Gatos Silver has a 52 week low of $3.51 and a 52 week high of $10.96.

Gatos Silver (NYSE:GATO) last released its earnings results on Wednesday, February 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.06 by $0.12.

Institutional Trading of Gatos Silver

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC bought a new position in Gatos Silver during the third quarter valued at about $60,000. International Assets Investment Management LLC bought a new position in Gatos Silver during the fourth quarter valued at about $64,000. Tower Research Capital LLC TRC increased its stake in shares of Gatos Silver by 17.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock worth $75,000 after purchasing an additional 1,690 shares during the period. Jump Financial LLC bought a new position in shares of Gatos Silver in the fourth quarter worth about $94,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Gatos Silver in the fourth quarter worth about $130,000. Institutional investors and hedge funds 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.