Gatos Silver (NYSE:GATO) Upgraded to Buy by Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Gatos Silver (NYSE:GATO - Free Report) 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 price objective on the stock, up from their previous price objective of $6.50.

GATO has been the topic of several other reports. Canaccord Genuity Group raised Gatos Silver from a hold rating to a buy rating and raised their price objective for the company from $6.50 to $12.50 in a research report on Tuesday. Royal Bank of Canada lifted their target price on Gatos Silver from $6.50 to $7.00 and gave the stock a sector perform rating in a research report on Thursday, March 28th. Finally, BMO Capital Markets lifted their target price on Gatos Silver from $8.00 to $9.00 and gave the stock a market perform rating in a research report on Thursday, April 11th.

Gatos Silver Stock Up 7.5 %

Shares of GATO stock traded up $0.71 during mid-day trading on Tuesday, hitting $10.12. 730,865 shares of the company's stock were exchanged, compared to its average volume of 338,723. Gatos Silver has a fifty-two week low of $3.51 and a fifty-two week high of $10.96. The stock has a 50-day simple moving average of $7.79 and a two-hundred day simple moving average of $6.53. The stock has a market cap of $700.10 million, a price-to-earnings ratio of 53.37 and a beta of 2.21.

Gatos Silver (NYSE:GATO - Get Free Report) last issued its earnings results on Wednesday, February 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.12.

Hedge Funds Weigh In On Gatos Silver

Hedge funds have recently bought and sold shares of the company. Barclays PLC bought a new position in shares of Gatos Silver during the third quarter valued at approximately $60,000. International Assets Investment Management LLC bought a new position in shares of Gatos Silver during the fourth quarter valued at approximately $64,000. Tower Research Capital LLC TRC grew its holdings in shares of Gatos Silver by 17.2% during the fourth 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 bought a new position in shares of Gatos Silver during the fourth quarter valued at approximately $94,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Gatos Silver during the fourth quarter valued at approximately $130,000. 44.81% of the stock is currently owned by institutional investors and hedge funds.

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.