Orla Mining (NYSEAMERICAN:ORLA) Hits New 1-Year High – Time to Buy?

Orla Mining Ltd. (NYSEAMERICAN:ORLA) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.98 and last traded at $15.2050, with a volume of 1253 shares trading hands. The stock had previously closed at $14.75.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ORLA. Scotiabank restated an “outperform” rating on shares of Orla Mining in a research note on Thursday, October 23rd. National Bankshares started coverage on shares of Orla Mining in a research note on Monday. They issued an “outperform” rating for the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Orla Mining in a research report on Tuesday, October 21st. Finally, CIBC reissued an “outperform” rating on shares of Orla Mining in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Orla Mining Stock Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.88 and a current ratio of 1.07. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 117.18 and a beta of 0.30. The firm’s 50-day moving average price is $12.97 and its 200 day moving average price is $11.57.

Orla Mining Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 10th. Shareholders of record on Monday, January 12th will be given a dividend of $0.015 per share. The ex-dividend date is Monday, January 12th. This represents a $0.06 annualized dividend and a dividend yield of 0.4%.

Hedge Funds Weigh In On Orla Mining

Several hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of Orla Mining by 45.8% during the 1st quarter. Millennium Management LLC now owns 594,177 shares of the company’s stock worth $5,555,000 after buying an additional 186,714 shares during the period. Goldman Sachs Group Inc. increased its stake in Orla Mining by 14.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,061,455 shares of the company’s stock valued at $9,925,000 after purchasing an additional 131,577 shares in the last quarter. Salem Investment Counselors Inc. bought a new stake in Orla Mining in the second quarter valued at approximately $30,000. Baron Wealth Management LLC raised its holdings in Orla Mining by 39.1% in the second quarter. Baron Wealth Management LLC now owns 17,304 shares of the company’s stock worth $173,000 after purchasing an additional 4,868 shares during the period. Finally, XML Financial LLC raised its holdings in Orla Mining by 7.2% in the second quarter. XML Financial LLC now owns 24,550 shares of the company’s stock worth $246,000 after purchasing an additional 1,650 shares during the period. Institutional investors and hedge funds own 43.04% of the company’s stock.

About Orla Mining

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.