Gatos Silver (NYSE:GATO) Stock Price Down 6.6% – Should You Sell?

Gatos Silver, Inc. (NYSE:GATO)’s share price fell 6.6% on Monday . The company traded as low as $15.27 and last traded at $15.27. 258,753 shares were traded during mid-day trading, a decline of 53% from the average session volume of 552,962 shares. The stock had previously closed at $16.35.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GATO shares. CIBC upped their price objective on Gatos Silver from $15.00 to $17.50 and gave the stock an “outperformer” rating in a research report on Thursday, September 26th. Canaccord Genuity Group downgraded Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group reissued a “hold” rating on shares of Gatos Silver in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada upped their target price 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. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.90.

Gatos Silver Stock Down 2.5 %

The firm has a 50-day simple moving average of $16.20 and a 200 day simple moving average of $13.22. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 31.69 and a beta of 2.05.

Hedge Funds Weigh In On Gatos Silver

A number of institutional investors have recently modified their holdings of GATO. Jacobs Levy Equity Management Inc. acquired a new stake in Gatos Silver during the 1st quarter worth $196,000. Tidal Investments LLC acquired a new stake in shares of Gatos Silver during the first quarter worth about $17,397,000. U S Global Investors Inc. acquired a new stake in shares of Gatos Silver during the second quarter worth about $940,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 worth $73,000 after buying an additional 6,994 shares during the last quarter. Finally, Arizona State Retirement System acquired a new position in Gatos Silver in the 2nd quarter valued at about $121,000. 44.81% of the stock is 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.