Collective Mining (NYSEAMERICAN:CNL) Trading 7.2% Higher – Here’s Why

Collective Mining Ltd. (NYSEAMERICAN:CNL) traded up 7.2% during mid-day trading on Wednesday . The stock traded as high as $16.18 and last traded at $16.17. 48,131 shares traded hands during trading, a decline of 30% from the average daily volume of 69,036 shares. The stock had previously closed at $15.09.

Analysts Set New Price Targets

Separately, Zacks Research cut shares of Collective Mining from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Collective Mining has a consensus rating of “Sell”.

Collective Mining Stock Up 3.9%

The stock has a market cap of $1.57 billion, a P/E ratio of -31.91 and a beta of -0.84. The company has a 50 day moving average of $13.73. The company has a current ratio of 4.77, a quick ratio of 4.77 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA lifted its holdings in shares of Collective Mining by 6.3% during the first quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company’s stock worth $191,000 after buying an additional 649 shares in the last quarter. Amundi increased its position in Collective Mining by 4.6% during the first quarter. Amundi now owns 760,602 shares of the company’s stock worth $13,394,000 after acquiring an additional 33,239 shares during the period. Groupe la Francaise increased its position in Collective Mining by 88.0% during the first quarter. Groupe la Francaise now owns 470,000 shares of the company’s stock worth $8,227,000 after acquiring an additional 220,000 shares during the period. FNY Investment Advisers LLC bought a new position in Collective Mining during the second quarter worth about $61,000. Finally, TD Asset Management Inc raised its stake in Collective Mining by 5.4% in the 2nd quarter. TD Asset Management Inc now owns 84,750 shares of the company’s stock worth $1,042,000 after purchasing an additional 4,364 shares in the last quarter.

About Collective Mining

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.