Gatos Silver (NYSE:GATO) Shares Down 5.2% – Here’s Why

Gatos Silver, Inc. (NYSE:GATO) shares were down 5.2% during mid-day trading on Wednesday . The stock traded as low as $18.94 and last traded at $18.95. Approximately 108,034 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 551,494 shares. The stock had previously closed at $19.99.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Canaccord Genuity Group cut shares of Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a report on Tuesday, September 10th. CIBC increased 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. Finally, Cibc World Mkts raised shares of Gatos Silver to a “strong-buy” rating in a research note on Wednesday, July 10th. Four 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, the company presently has an average rating of “Hold” and a consensus price target of $12.90.

Gatos Silver Stock Down 3.8 %

The company has a market cap of $1.33 billion, a P/E ratio of 49.98 and a beta of 2.10. The firm’s 50 day moving average is $15.25 and its two-hundred day moving average is $12.70.

Gatos Silver (NYSE:GATO) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02).

Institutional Trading of Gatos Silver

A number of large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Gatos Silver by 23,313.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock worth $73,000 after purchasing an additional 6,994 shares during the period. XTX Topco Ltd acquired a new position in shares of Gatos Silver during the 2nd quarter valued at $112,000. Arizona State Retirement System bought a new position in Gatos Silver during the second quarter worth $121,000. Squarepoint Ops LLC acquired a new stake in Gatos Silver in the second quarter worth $185,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Gatos Silver in the first quarter valued at $196,000. 44.81% of the stock is currently owned by institutional investors and hedge funds.

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.