Gatos Silver (NYSE:GATO) Trading Down 2.4% - Here's What Happened
Gatos Silver (NYSE:GATO) shares fell 2.4% to $14.51, with trading volume down 63% from average levels. Analysts have mixed views, with Canaccord Genuity downgrading the stock to 'hold' while CIBC raised its price target to $17.50. The stock has an average rating of 'Hold' and a consensus price target of $12.90. Institutional investors hold 44.81% of shares, and the company focuses on precious metal exploration, primarily silver.
Shares of Gatos Silver, Inc. (NYSE:GATO - Get Free Report) were down 2.4% 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 Analyst Weigh In
- Silver Stocks, ETFs, or Bullion: What’s the Best Bet Now?
Several research firms have weighed in on GATO. Canaccord Genuity Group cut Gatos Silver from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. CIBC raised their price target on Gatos Silver from $15.00 to $17.50 and gave the stock an "outperformer" rating in a research note 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 equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Gatos Silver has an average rating of "Hold" and a consensus price target of $12.90.
Check Out Our Latest Research Report on Gatos Silver
Gatos Silver Trading Down 3.3 %
The company's 50 day simple moving average is $15.27 and its 200-day simple moving average is $14.52. The firm has a market cap of $998.28 million, a P/E ratio of 29.33 and a beta of 1.95.
Institutional Investors Weigh In On Gatos Silver
A number of large investors have recently added to or reduced their stakes in GATO. Arizona State Retirement System bought a new stake in Gatos Silver during the 2nd quarter worth approximately $121,000. American Century Companies Inc. lifted its position in shares of Gatos Silver by 17.3% in the second quarter. American Century Companies Inc. now owns 84,930 shares of the company's stock valued at $887,000 after acquiring an additional 12,522 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Gatos Silver by 18.4% in the second quarter. Dimensional Fund Advisors LP now owns 943,823 shares of the company's stock worth $9,853,000 after acquiring an additional 146,462 shares during the period. Lingotto Investment Management LLP grew its position in shares of Gatos Silver by 1.6% during the second quarter. Lingotto Investment Management LLP now owns 3,503,669 shares of the company's stock worth $36,578,000 after purchasing an additional 54,222 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Gatos Silver in the 2nd quarter worth approximately $112,000. Institutional investors own 44.81% of the company's stock.
About Gatos Silver
(Get Free Report)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.
Featured Stories
- Five stocks we like better than Gatos Silver
- How to Calculate Inflation Rate
- JPMorgan Chase & Co. Stock Can Hit $300 This Year
- Low PE Growth Stocks: Unlocking Investment Opportunities
- What Goldman Sachs’ Quarterly Results Reveal About the Economy
- How is Compound Interest Calculated?
- 3 Dividend Stocks at Bargain Levels to Defend Your Portfolio
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Gatos Silver Right Now?
Before you consider Gatos Silver, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gatos Silver wasn't on the list.
While Gatos Silver currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
