Short Interest in Gatos Silver, Inc. (NYSE:GATO) Decreases By 9.4%

by · The Markets Daily

Gatos Silver, Inc. (NYSE:GATO – Get Free Report) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 1,350,000 shares, a drop of 9.4% from the September 30th total of 1,490,000 shares. Currently, 2.9% of the shares of the stock are short sold. Based on an average daily volume of 835,400 shares, the short-interest ratio is currently 1.6 days.

Gatos Silver Trading Down 1.7 %

Shares of GATO stock traded down $0.32 on Friday, hitting $18.23. 416,974 shares of the stock were exchanged, compared to its average volume of 555,097. The firm has a market capitalization of $1.26 billion, a PE ratio of 46.38 and a beta of 2.10. The firm’s 50 day moving average is $15.50 and its two-hundred day moving average is $12.79. Gatos Silver has a one year low of $4.39 and a one year high of $20.31.

Gatos Silver (NYSE:GATO – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02).

Institutional Investors Weigh In On Gatos Silver

Several large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Gatos Silver by 23,313.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,024 shares of the company’s stock valued at $73,000 after buying an additional 6,994 shares during the period. XTX Topco Ltd bought a new position in Gatos Silver in the 2nd quarter worth $112,000. Arizona State Retirement System bought a new stake in shares of Gatos Silver during the 2nd quarter valued at about $121,000. Squarepoint Ops LLC purchased a new position in shares of Gatos Silver during the second quarter valued at about $185,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Gatos Silver in the first quarter worth about $196,000. Institutional investors own 44.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on GATO shares. Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. CIBC upped their price objective on shares of Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research report on Thursday, September 26th. Royal Bank of Canada upped their target price on Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. Canaccord Genuity Group restated a “hold” rating on shares of Gatos Silver in a research report on Tuesday, October 22nd. Finally, Cibc World Mkts upgraded shares of Gatos Silver to a “strong-buy” rating in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Gatos Silver presently has a consensus rating of “Hold” and a consensus target price of $12.90.

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About Gatos Silver

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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.

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