Collective Mining (NYSEAMERICAN:CNL) Shares Gap Up - Time to Buy?

Key Points

• Collective Mining shares opened sharply higher, rising from a prior close of $13.38 to $14.12 before settling near $14.02, although trading volume was limited at 1,901 shares.
• Analyst sentiment is strongly negative: Zacks Research downgraded the stock from “hold” to “strong sell,” and MarketBeat reports an average rating of “Sell.”
• The company has a market capitalization of approximately $1.30 billion and focuses on gold, copper, and molybdenum exploration projects in Colombia, while several institutional investors increased their holdings recently.

Collective Mining Ltd. (NYSEAMERICAN:CNL - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $13.38, but opened at $14.12. Collective Mining shares last traded at $14.02, with a volume of 1,901 shares.

Wall Street Analysts Forecast Growth

Separately, Zacks Research lowered shares of Collective Mining from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of "Sell".

Collective Mining Trading Down 0.6%

The company has a market cap of $1.30 billion, a price-to-earnings ratio of -26.51 and a beta of -0.84. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $13.33.

Institutional Investors Weigh In On Collective Mining

Large investors have recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA lifted its stake in Collective Mining by 6.3% in the first quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company's stock valued at $191,000 after buying an additional 649 shares during the last quarter. Amundi raised its holdings in shares of Collective Mining by 4.6% during the first quarter. Amundi now owns 760,602 shares of the company's stock valued at $13,394,000 after buying an additional 33,239 shares during the last quarter. Groupe la Francaise boosted its position in shares of 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 buying an additional 220,000 shares during the period. FNY Investment Advisers LLC bought a new position in Collective Mining in the 2nd quarter worth approximately $61,000. Finally, TD Asset Management Inc grew its holdings 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 buying 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.

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