Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down – Here’s Why

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) gapped down before the market opened on Tuesday . The stock had previously closed at $9.35, but opened at $9.10. Orla Mining shares last traded at $9.41, with a volume of 276,914 shares.

Wall Street Analysts Forecast Growth

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

Orla Mining Stock Performance

The company has a current ratio of 4.54, a quick ratio of 3.95 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average price is $7.24. The company has a market cap of $3.03 billion, a P/E ratio of -938.56 and a beta of 0.71.

Institutional Investors Weigh In On Orla Mining

Large investors have recently made changes to their positions in the stock. CWA Asset Management Group LLC lifted its stake in Orla Mining by 20.6% in the 4th quarter. CWA Asset Management Group LLC now owns 1,786,415 shares of the company’s stock valued at $9,897,000 after purchasing an additional 304,748 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Orla Mining by 67.2% in the third quarter. The Manufacturers Life Insurance Company now owns 296,097 shares of the company’s stock valued at $1,192,000 after buying an additional 118,961 shares during the last quarter. Barclays PLC lifted its position in shares of Orla Mining by 86.5% in the third quarter. Barclays PLC now owns 47,177 shares of the company’s stock valued at $189,000 after buying an additional 21,877 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Orla Mining by 262.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 284,408 shares of the company’s stock worth $1,138,000 after acquiring an additional 205,911 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Orla Mining by 11.9% during the 3rd quarter. Geode Capital Management LLC now owns 114,628 shares of the company’s stock worth $463,000 after acquiring an additional 12,159 shares during the last quarter. Institutional investors and hedge funds own 43.04% of the company’s stock.

Orla Mining Company Profile

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.