Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down – What’s Next?

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $11.08, but opened at $10.47. Orla Mining shares last traded at $10.44, with a volume of 729,076 shares traded.

Wall Street Analyst Weigh In

ORLA has been the topic of a number of research reports. TD Cowen started coverage on shares of Orla Mining in a research report on Tuesday, February 4th. They set a “hold” rating on the stock. Stifel Canada upgraded shares of Orla Mining to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, TD Securities raised shares of Orla Mining to a “hold” rating in a report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $6.13.

Orla Mining Stock Performance

The stock’s 50-day moving average price is $8.79 and its 200 day moving average price is $6.28. The firm has a market cap of $3.49 billion, a P/E ratio of -1,082.92 and a beta of 0.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.54 and a quick ratio of 3.95.

Institutional Trading of Orla Mining

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of Orla Mining by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 504,000 shares of the company’s stock worth $4,708,000 after buying an additional 52,000 shares during the period. U S Global Investors Inc. boosted its holdings in shares of Orla Mining by 94.1% during the first quarter. U S Global Investors Inc. now owns 372,922 shares of the company’s stock worth $3,482,000 after acquiring an additional 180,797 shares during the period. Bessemer Group Inc. bought a new stake in shares of Orla Mining during the first quarter worth approximately $762,000. Oppenheimer & Co. Inc. acquired a new position in shares of Orla Mining in the first quarter valued at approximately $238,000. Finally, XML Financial LLC bought a new position in shares of Orla Mining during the first quarter worth approximately $214,000. 43.04% of the stock is owned by institutional investors and hedge funds.

About Orla Mining

Orla Mining Ltd. acquires, explores, develops, and exploits mineral properties. The company explores for gold, silver, zinc, lead, and copper deposits. It owns 100% interests in the Camino Rojo project that consists of seven concessions covering an area of 138,636 hectares located in Zacatecas, Mexico; Cerro Quema project totaling an area of 15,000 hectares located in the Azuero Peninsula, Panama; and the South Railroad project consisting of an area of 21,000 hectares located in Elko, Nevada.