Orla Mining (NYSEAMERICAN:ORLA) Trading 5.9% Higher – Here’s Why

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s share price rose 5.9% during trading on Wednesday . The company traded as high as $9.58 and last traded at $9.5850. 606,511 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,819,382 shares. The stock had previously closed at $9.05.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. TD Cowen raised shares of Orla Mining from a “hold” rating to a “buy” rating in a research note on Wednesday, May 20th. TD Securities raised Orla Mining from a “hold” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Research cut Orla Mining from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $27.00.

Orla Mining Stock Up 4.7%

The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $3.28 billion, a PE ratio of 13.89 and a beta of 0.28. The business’s 50-day moving average price is $10.84 and its 200-day moving average price is $14.36.

Orla Mining Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 26th were paid a $0.015 dividend. This represents a $0.06 annualized dividend and a yield of 0.6%. The ex-dividend date was Tuesday, May 26th. Orla Mining’s dividend payout ratio is currently -599.40%.

Hedge Funds Weigh In On Orla Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new position in shares of Orla Mining in the fourth quarter worth $29,000. CIBC Private Wealth Group LLC purchased a new position in Orla Mining in the third quarter valued at about $27,000. Optiver Holding B.V. purchased a new position in Orla Mining in the first quarter valued at about $40,000. SBI Securities Co. Ltd. increased its position in Orla Mining by 67.9% in the 4th quarter. SBI Securities Co. Ltd. now owns 4,672 shares of the company’s stock worth $63,000 after purchasing an additional 1,889 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in Orla Mining by 197.0% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,313 shares of the company’s stock worth $71,000 after purchasing an additional 3,524 shares during the last quarter. 43.04% of the stock is currently owned by hedge funds and other institutional investors.

Orla Mining Company Profile

Orla Mining is a Canada-based mineral exploration and development company focused on advancing gold and silver projects in the Americas. Its flagship asset is the Cerro Quema oxide gold-silver project in Panama, where the company holds approximately 13,000 hectares of mineral concessions. Through feasibility studies and pilot plant testing, Orla has demonstrated the potential of heap leach processing at Cerro Quema, positioning the asset for transition into construction and production phases.

In addition to Cerro Quema, Orla Mining expanded its portfolio in early 2023 with the acquisition of the Gold Springs project located along the Utah–Nevada border in the United States.