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

Canaccord Genuity Group upgraded shares of Gatos Silver (NYSE:GATO) from a hold rating to a buy rating in a research report released on Tuesday morning, Marketbeat.com reports. Canaccord Genuity Group currently has $12.50 target price on the stock, up from their prior target price of $6.50.

Other analysts also recently issued reports about the company. BMO Capital Markets raised 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 raised 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.

Gatos Silver Price Performance

Shares of GATO opened at $10.14 on Tuesday. The stock has a 50-day moving average of $8.04 and a 200-day moving average of $6.61. The company has a market cap of $701.49 million, a PE ratio of 53.37 and a beta of 2.21. Gatos Silver has a one year low of $3.51 and a one year high of $10.96.

Gatos Silver (NYSE:GATO) last issued 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.

Hedge Funds Weigh In On Gatos Silver

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC acquired a new position in Gatos Silver during the 3rd quarter valued at about $60,000. International Assets Investment Management LLC acquired a new position in Gatos Silver during the 4th quarter valued at about $64,000. Tower Research Capital LLC TRC boosted its stake in Gatos Silver by 17.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,544 shares of the company’s stock valued at $75,000 after purchasing an additional 1,690 shares during the last quarter. Jump Financial LLC acquired a new position in Gatos Silver during the 4th quarter valued at about $94,000. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Gatos Silver during the 4th quarter valued at 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.