Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down - What's Next?

Key Points

• Orla Mining's shares closed at $11.07 before gapping down to $10.52 at market open, with the last trade at $10.33 and a trading volume of 1,465,044 shares.
• CIBC has reaffirmed an "outperform" rating for Orla Mining, with a consensus target price of $14.50 from multiple analysts indicating a Buy rating.
• The company holds a market cap of $3.36 billion and has significant institutional investor involvement, with 43.04% of the stock owned by hedge funds and institutional investors.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $11.07, but opened at $10.52. Orla Mining shares last traded at $10.33, with a volume of 1,465,044 shares.

Wall Street Analyst Weigh In

Separately, CIBC reaffirmed an "outperform" rating on shares of Orla Mining in a research report on Tuesday, July 15th. Two equities research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.50.

Orla Mining Stock Performance

The firm has a market cap of $3.36 billion, a PE ratio of 206.88 and a beta of 0.35. The company has a current ratio of 0.85, a quick ratio of 0.66 and a debt-to-equity ratio of 0.76. The firm's 50 day simple moving average is $10.78 and its 200 day simple moving average is $10.20.

Institutional Trading of Orla Mining

Hedge funds have recently bought and sold shares of the stock. Salem Investment Counselors Inc. purchased a new stake in Orla Mining in the 2nd quarter worth $30,000. IFP Advisors Inc lifted its stake in Orla Mining by 191.6% in the 2nd quarter. IFP Advisors Inc now owns 3,981 shares of the company's stock worth $40,000 after purchasing an additional 2,616 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Orla Mining by 50.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,368 shares of the company's stock valued at $53,000 after buying an additional 1,789 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Orla Mining during the 1st quarter valued at about $86,000. Finally, Osaic Holdings Inc. raised its position in shares of Orla Mining by 82.2% during the 2nd quarter. Osaic Holdings Inc. now owns 10,161 shares of the company's stock valued at $102,000 after buying an additional 4,584 shares in the last quarter. Hedge funds and other institutional investors 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.

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