Orla Mining (NYSEAMERICAN:ORLA) Shares Down 8.4% - Here's Why

Key Points

• Orla Mining Ltd. shares fell by 8.4%, trading as low as $12.35, and experienced a significant decrease in volume, with 825,494 shares changing hands compared to an average of 1,682,906.
• The company holds an average rating of "Buy" from analysts, with a target price of $23.00 and ratings varying from Strong Buy to Hold from multiple investment analysts.
• Institutional investors now own 43.04% of Orla Mining's stock, with several hedge funds increasing their stakes significantly in recent months.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) shares fell 8.4% during trading on Friday . The stock traded as low as $12.35 and last traded at $12.38. 825,494 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 1,682,906 shares. The stock had previously closed at $13.52.

Analyst Upgrades and Downgrades

Separately, CIBC restated an "outperform" rating on shares of Orla Mining in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $23.00.

Orla Mining Stock Down 11.1%

The firm's 50-day simple moving average is $10.97 and its 200 day simple moving average is $10.62. The company has a market cap of $3.92 billion, a P/E ratio of 240.55 and a beta of 0.33. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.66 and a current ratio of 0.85.

Hedge Funds Weigh In On Orla Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Covea Finance acquired a new position in Orla Mining in the 3rd quarter worth $10,158,000. Merrion Investment Management Co LLC boosted its stake in Orla Mining by 56.5% in the 3rd quarter. Merrion Investment Management Co LLC now owns 55,400 shares of the company's stock worth $598,000 after purchasing an additional 20,000 shares during the period. Farther Finance Advisors LLC acquired a new position in Orla Mining in the 3rd quarter worth $58,000. Euro Pacific Asset Management LLC acquired a new position in Orla Mining in the 3rd quarter worth $3,557,000. Finally, Osaic Holdings Inc. boosted its stake in Orla Mining by 82.2% in the 2nd quarter. Osaic Holdings Inc. now owns 10,161 shares of the company's stock worth $102,000 after purchasing an additional 4,584 shares during the period. 43.04% of the stock is 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.

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