Gatos Silver, Inc. (NYSE:GATO) Short Interest Up 11.9% in October

Gatos Silver, Inc. (NYSE:GATO) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,510,000 shares, a growth of 11.9% from the October 15th total of 1,350,000 shares. Currently, 3.3% of the company’s stock are sold short. Based on an average trading volume of 884,800 shares, the days-to-cover ratio is presently 1.7 days.

Gatos Silver Price Performance

Shares of GATO traded up $0.76 during midday trading on Monday, hitting $16.66. 732,158 shares of the company traded hands, compared to its average volume of 600,017. The stock has a 50-day moving average of $16.54 and a 200-day moving average of $13.40. Gatos Silver has a one year low of $5.42 and a one year high of $20.31. The firm has a market cap of $1.16 billion, a P/E ratio of 34.00 and a beta of 2.05.

Institutional Investors Weigh In On Gatos Silver

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lingotto Investment Management LLP increased 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 valued at $36,578,000 after buying an additional 54,222 shares during the period. Tidal Investments LLC bought a new position in shares of Gatos Silver in the first quarter worth approximately $17,397,000. Mackenzie Financial Corp increased its position in shares of Gatos Silver by 5.1% in the second quarter. Mackenzie Financial Corp now owns 1,329,125 shares of the company’s stock worth $13,836,000 after purchasing an additional 64,758 shares during the last quarter. Alpine Associates Management Inc. bought a new position in shares of Gatos Silver in the third quarter worth approximately $20,018,000. Finally, Dimensional Fund Advisors LP increased its position 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 purchasing an additional 146,462 shares during the last quarter. 44.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GATO shares. Canaccord Genuity Group downgraded shares of Gatos Silver from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Royal Bank of Canada boosted their price target on shares of Gatos Silver from $11.00 to $13.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 10th. CIBC boosted their price objective on Gatos Silver from $15.00 to $17.50 and gave the company 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 research note on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price 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.