Gatos Silver (NYSE:GATO) Stock Price Down 2.4% – Here’s Why

Shares of Gatos Silver, Inc. (NYSE:GATO) were down 2.4% during mid-day trading on Wednesday . The stock traded as low as $14.46 and last traded at $14.51. Approximately 130,631 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 356,365 shares. The stock had previously closed at $14.86.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GATO. Canaccord Genuity Group downgraded Gatos Silver from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. CIBC boosted their price objective on shares of 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 restated a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Gatos Silver currently has a consensus rating of “Hold” and an average target price of $12.90.

Gatos Silver Stock Performance

The firm has a market cap of $998.28 million, a P/E ratio of 29.33 and a beta of 1.95. The firm’s fifty day moving average price is $15.27 and its 200 day moving average price is $14.52.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GATO. Alpine Associates Management Inc. purchased a new stake in shares of Gatos Silver in the third quarter valued at about $20,018,000. Citigroup Inc. purchased a new position in Gatos Silver in the third quarter worth approximately $10,676,000. Charles Schwab Investment Management Inc. grew its stake in shares of Gatos Silver by 905.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 274,860 shares of the company’s stock worth $4,145,000 after purchasing an additional 247,510 shares in the last quarter. Versor Investments LP purchased a new position in shares of Gatos Silver in the 3rd quarter valued at about $2,953,000. Finally, Dimensional Fund Advisors LP raised its holdings in Gatos Silver by 18.4% during the second 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. Hedge funds and other institutional investors own 44.81% of the company’s stock.

Gatos Silver Company Profile

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.