Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down - Here's What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $10.44, but opened at $10.19. Orla Mining shares last traded at $10.23, with a volume of 115,165 shares trading hands.

Wall Street Analyst Weigh In

ORLA has been the subject of a number of research analyst reports. Stifel Canada upgraded shares of Orla Mining to a "strong-buy" rating in a research note on Wednesday, March 19th. TD Securities raised Orla Mining to a "hold" rating in a report on Tuesday, February 4th. Finally, TD Cowen started coverage on Orla Mining in a report on Tuesday, February 4th. They issued a "hold" rating on the stock. Two equities research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $6.00.

Orla Mining Stock Performance

The company has a market cap of $3.31 billion, a price-to-earnings ratio of -1,026.97 and a beta of 0.71. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.95 and a current ratio of 4.54. The firm's 50 day simple moving average is $10.05 and its 200-day simple moving average is $6.94.

Institutional Trading of Orla Mining

Hedge funds have recently made changes to their positions in the company. Mariner LLC acquired a new stake in Orla Mining during the 4th quarter valued at $58,000. Scotia Capital Inc. acquired a new stake in shares of Orla Mining in the fourth quarter valued at approximately $67,000. Two Sigma Advisers LP acquired a new stake in Orla Mining in the fourth quarter worth about $84,000. Banque Cantonale Vaudoise acquired a new stake in shares of Orla Mining in the first quarter valued at $86,000. Finally, Walleye Capital LLC grew its position in Orla Mining by 10.2% in the fourth quarter. Walleye Capital LLC now owns 19,128 shares of the company's stock worth $106,000 after buying an additional 1,764 shares during the last quarter. Institutional investors and hedge funds 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.