Orla Mining (NYSEAMERICAN:ORLA) Stock Price Down 7.9% – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA) shares fell 7.9% during mid-day trading on Tuesday . The stock traded as low as $14.97 and last traded at $14.8670. 2,435,086 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 2,331,496 shares. The stock had previously closed at $16.15.

Analysts Set New Price Targets

ORLA has been the subject of a number of recent research reports. Scotiabank reaffirmed an “outperform” rating on shares of Orla Mining in a research report on Monday, January 26th. ATB Cormark Capital Markets upgraded Orla Mining from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 23rd. BMO Capital Markets restated an “outperform” rating on shares of Orla Mining in a research note on Monday, January 26th. Zacks Research cut Orla Mining from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 23rd. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Orla Mining in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $27.00.

Orla Mining Stock Performance

The firm has a market cap of $5.13 billion, a PE ratio of 57.47 and a beta of 0.37. The firm has a 50-day moving average price of $17.19 and a two-hundred day moving average price of $14.66. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 0.52.

Hedge Funds Weigh In On Orla Mining

Several hedge funds and other institutional investors have recently made changes to their positions in ORLA. Ritholtz Wealth Management lifted its position in Orla Mining by 8.0% during the first quarter. Ritholtz Wealth Management now owns 55,331 shares of the company’s stock worth $892,000 after buying an additional 4,097 shares in the last quarter. PKO Investment Management Joint Stock Co increased its stake in Orla Mining by 7.9% during the first quarter. PKO Investment Management Joint Stock Co now owns 121,748 shares of the company’s stock worth $1,954,000 after acquiring an additional 8,948 shares during the last quarter. XML Financial LLC increased its stake in Orla Mining by 8.3% during the first quarter. XML Financial LLC now owns 39,300 shares of the company’s stock worth $634,000 after acquiring an additional 3,000 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Orla Mining during the first quarter worth $179,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Orla Mining during the fourth quarter worth $82,000. Hedge funds and other institutional investors own 43.04% of the company’s stock.

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.