Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Up – Still a Buy?

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) gapped up prior to trading on Monday . The stock had previously closed at $11.27, but opened at $11.74. Orla Mining shares last traded at $11.88, with a volume of 128,895 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. TD Cowen started coverage on shares of Orla Mining in a research note on Tuesday, February 4th. They issued a “hold” rating for the company. TD Securities upgraded Orla Mining to a “hold” rating in a research report on Tuesday, February 4th. Finally, Stifel Canada upgraded shares of Orla Mining to a “strong-buy” rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $6.13.

Orla Mining Stock Performance

The stock has a market cap of $3.71 billion, a P/E ratio of -1,149.85 and a beta of 0.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.54 and a quick ratio of 3.95. The stock has a 50-day simple moving average of $8.47 and a 200-day simple moving average of $6.13.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Orla Mining by 17.3% in the 4th quarter. FMR LLC now owns 24,065,292 shares of the company’s stock valued at $133,264,000 after purchasing an additional 3,553,481 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Orla Mining in the fourth quarter valued at $11,944,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Orla Mining during the fourth quarter valued at $9,668,000. The Manufacturers Life Insurance Company grew its holdings in Orla Mining by 197.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 880,354 shares of the company’s stock worth $4,882,000 after acquiring an additional 584,257 shares during the period. Finally, Intact Investment Management Inc. bought a new position in shares of Orla Mining in the 4th quarter worth about $3,186,000. Institutional investors own 43.04% of the company’s stock.

Orla Mining Company Profile

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.