Collective Mining (NYSEAMERICAN:CNL) Shares Down 7.5% – Here’s Why

Shares of Collective Mining Ltd. (NYSEAMERICAN:CNL) dropped 7.5% on Wednesday . The stock traded as low as $11.63 and last traded at $11.63. 17,596 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 67,295 shares. The stock had previously closed at $12.57.

Collective Mining Trading Down 5.0%

The firm has a market capitalization of $1.11 billion, a PE ratio of -22.53 and a beta of -0.89. The company’s 50-day simple moving average is $15.31. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Collective Mining

Several institutional investors have recently added to or reduced their stakes in CNL. Pictet Asset Management Holding SA raised its position in Collective Mining by 6.3% in the first quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company’s stock worth $191,000 after acquiring an additional 649 shares during the period. Groupe la Francaise grew its position in shares of Collective Mining by 88.0% during the 1st quarter. Groupe la Francaise now owns 470,000 shares of the company’s stock valued at $8,227,000 after acquiring an additional 220,000 shares during the period. Finally, Amundi increased its stake in shares of Collective Mining by 4.6% during the 1st quarter. Amundi now owns 760,602 shares of the company’s stock worth $13,394,000 after purchasing an additional 33,239 shares during the last quarter.

Collective Mining Company Profile

Collective Mining Ltd is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. The company currently has interest in two projects located in Colombia, namely, Guayabales and San Antonio. The company is responsible for discovering, permitting, and constructing the gold mine in Colombia. The company is rapidly advancing exploration on large-scale copper-gold-molybdenum porphyry targets in the mining-friendly department of Caldas in Colombia.