Gatos Silver, Inc. (NYSE:GATO) Sees Large Growth in Short Interest

Gatos Silver, Inc. (NYSE:GATO) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,190,000 shares, an increase of 8.2% from the August 31st total of 1,100,000 shares. Currently, 2.6% of the company’s stock are short sold. Based on an average daily trading volume, of 679,900 shares, the short-interest ratio is currently 1.8 days.

Hedge Funds Weigh In On Gatos Silver

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new position in Gatos Silver in the second quarter worth $702,000. Mackenzie Financial Corp grew its holdings in shares of Gatos Silver by 5.1% during the second quarter. Mackenzie Financial Corp now owns 1,329,125 shares of the company’s stock valued at $13,836,000 after buying an additional 64,758 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new stake in shares of Gatos Silver during the second quarter valued at $404,000. Squarepoint Ops LLC purchased a new stake in shares of Gatos Silver during the second quarter valued at $185,000. Finally, XTX Topco Ltd purchased a new stake in shares of Gatos Silver during the second quarter valued at $112,000. 44.81% of the stock is owned by hedge funds and other institutional investors.

Gatos Silver Stock Performance

GATO stock opened at $15.90 on Monday. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 72.27 and a beta of 2.09. The firm has a 50-day simple moving average of $12.89 and a two-hundred day simple moving average of $11.37. Gatos Silver has a one year low of $4.39 and a one year high of $16.65.

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

Analyst Ratings Changes

GATO has been the topic of several research reports. Cibc World Mkts upgraded Gatos Silver to a “strong-buy” rating in a research note on Wednesday, July 10th. CIBC raised their price target on Gatos Silver from $15.00 to $17.50 and gave the company an “outperformer” rating in a research note on Thursday. Finally, Royal Bank of Canada raised their price target on Gatos Silver from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Gatos Silver presently has an average rating of “Moderate Buy” and an average price target of $12.90.

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.