Orla Mining (NYSEAMERICAN:ORLA) Sets New 12-Month High – Time to Buy?

Orla Mining Ltd. (NYSEAMERICAN:ORLA) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $5.82 and last traded at $5.82, with a volume of 407441 shares changing hands. The stock had previously closed at $5.54.

Wall Street Analyst Weigh In

ORLA has been the subject of a number of recent research reports. Scotiabank raised shares of Orla Mining from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 27th. Desjardins upgraded shares of Orla Mining to a “moderate buy” rating in a research report on Thursday, October 31st.

Orla Mining Price Performance

The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -583.42 and a beta of 0.75. The company has a current ratio of 4.54, a quick ratio of 3.95 and a debt-to-equity ratio of 0.12.

Hedge Funds Weigh In On Orla Mining

A number of large investors have recently modified their holdings of ORLA. Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Orla Mining by 16.3% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,295,214 shares of the company’s stock valued at $4,969,000 after buying an additional 181,900 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in 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 acquiring an additional 118,961 shares during the last quarter. CWA Asset Management Group LLC bought a new position in shares of Orla Mining in the 3rd quarter valued at about $5,927,000. Allspring Global Investments Holdings LLC increased its stake in shares of Orla Mining by 50.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 450,000 shares of the company’s stock worth $1,812,000 after purchasing an additional 150,000 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Orla Mining in the 3rd quarter valued at about $43,000. 43.04% of the stock is currently owned by institutional investors and hedge funds.

About Orla Mining

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.