At Gatos Silver, Inc. (NYSE: GATO), the short interest surged substantially in November. As of November 15, 2,070,000 shares were shorted, up 5.1% from the 1,970,000 shares that were shorted as of October 31. The current short-interest ratio is 5.3 days, based on an average daily trading volume of 392,200 shares. The short sale of 4.4% of the stock is now active.
Gatos Silver’s stock price rose $0.08 during Friday’s trading hours to reach $4.08. Two hundred seventy thousand twelve shares were exchanged, compared to the usual volume of 209,421 shares. The 50-day and 200-day moving averages of the company’s stock are $3.34 and $3.22, respectively. The low and high prices for Gatos Silver for the year are $2.20 and $12.02, respectively.
The Royal Bank of Canada published a research note on Gatos Silver on November 24 with a $4.00 price objective and a “sector perform” rating. The company currently has a consensus “Hold” rating and an average $4.50 price target, according to Bloomberg.com. Five analysts have assigned the stock a hold rating.
The stock holdings of hedge funds have recently changed. Amalgamated Bank increased its holding in Gatos Silver during the first quarter by $31,000. Fox Run Management L.L.C. grew its stake in Gatos Silver by $47,000 during the first quarter. Waterfront Wealth Inc. spent almost $39,000 on more shares of Gatos Silver during the third quarter. Ethic, Inc. purchased new shares in Gatos Silver during the first quarter for about $55,000. About $64,000 worth of shares of Gatos Silver were added to Blueshift Asset Management L.L.C.’s portfolio during the first quarter. Institutional and hedge fund investors collectively hold 53.31 percent of the company’s stock.
Gatos Silver, Inc. engages in the exploration, development, and production of precious metals. It primarily pursues silver-containing ore. The company also investigates gold, copper, lead, and zinc ores. The Cerro Los Gatos mine, situated in the Los Gatos District of Mexico’s Chihuahua state, is the company’s most notable asset.