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)'s stock price gapped down before the market opened 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.

Analyst Ratings Changes

Separately, CIBC reiterated an "outperform" rating on shares of Orla Mining in a 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 given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $14.50.

Orla Mining Stock Up 6.3%

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 business's fifty day moving average price is $10.76 and its 200 day moving average price is $10.26. The company has a market capitalization of $3.54 billion, a P/E ratio of 217.24 and a beta of 0.35.

Hedge Funds Weigh In On Orla Mining

A number of large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. grew 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 worth $102,000 after purchasing an additional 4,584 shares in the last quarter. State of Wyoming acquired a new position in Orla Mining during the second quarter worth about $109,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of Orla Mining by 14.3% in the second quarter. CANADA LIFE ASSURANCE Co now owns 79,264 shares of the company's stock worth $782,000 after acquiring an additional 9,933 shares during the period. Man Group plc acquired a new stake in Orla Mining during the second quarter worth approximately $2,509,000. Finally, Engineers Gate Manager LP increased its stake in Orla Mining by 27.8% in the second quarter. Engineers Gate Manager LP now owns 46,557 shares of the company's stock valued at $467,000 after purchasing an additional 10,123 shares in the last quarter. 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.