Orla Mining (NYSEAMERICAN:ORLA) Stock Price Down 5.9% - What's Next?

Key Points

• Orla Mining's stock price fell by 5.9% on Tuesday, closing at $9.37 after trading as low as $9.58, with a significant decline in trading volume compared to its average.
• Despite the stock's recent downturn, CIBC has maintained an "outperform" rating for Orla Mining, with a consensus price target of $14.50 based on various analysts' ratings.
• Institutional investors and hedge funds own approximately 43.04% of Orla Mining's stock, indicating significant interest from major investment entities.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report)'s share price dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $9.58 and last traded at $9.37. Approximately 119,089 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,319,816 shares. The stock had previously closed at $9.96.

Wall Street Analysts Forecast Growth

Separately, CIBC restated an "outperform" rating on shares of Orla Mining in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $14.50.

Orla Mining Trading Down 0.4%

The company has a debt-to-equity ratio of 0.92, a current ratio of 0.81 and a quick ratio of 0.62. The stock has a market cap of $3.39 billion, a P/E ratio of -1,041.50 and a beta of 0.34. The stock's 50-day moving average is $10.70 and its two-hundred day moving average is $8.98.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ORLA. Allspring Global Investments Holdings LLC grew its position in shares of Orla Mining by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 504,000 shares of the company's stock valued at $4,708,000 after purchasing an additional 52,000 shares during the period. Renaissance Technologies LLC increased its position in shares of Orla Mining by 103.1% during the 4th quarter. Renaissance Technologies LLC now owns 178,300 shares of the company's stock worth $988,000 after purchasing an additional 90,500 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Orla Mining in the 1st quarter valued at approximately $238,000. Raymond James Financial Inc. purchased a new stake in Orla Mining in the fourth quarter valued at approximately $173,000. Finally, Two Sigma Investments LP boosted its holdings in Orla Mining by 453.8% during the 4th quarter. Two Sigma Investments LP now owns 360,170 shares of the company's stock valued at $1,995,000 after acquiring an additional 295,133 shares during the period. 43.04% of the stock is owned by institutional investors and hedge funds.

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.