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

Key Points

• Orla Mining's share price gapped down significantly, opening at $11.45 after a previous close of $12.39, with the latest trading price at $10.77.
• Analysts maintain a generally positive outlook on Orla Mining, with an average target price of $27.00 and multiple ratings of "Buy."
• Institutional investors are actively adjusting their positions in Orla Mining, with notable increases in stakes from several firms and approximately 43.04% of the stock currently owned by institutional investors.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $12.39, but opened at $11.45. Orla Mining shares last traded at $10.77, with a volume of 586,657 shares traded.

Analysts Set New Price Targets

Separately, CIBC reaffirmed an "outperform" rating on shares of Orla Mining in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $27.00.

Orla Mining Trading Down 12.4%

The company has a quick ratio of 0.66, a current ratio of 0.85 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $3.54 billion, a PE ratio of 217.16 and a beta of 0.33. The business's 50-day moving average is $11.05 and its two-hundred day moving average is $10.69.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its stake in 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. Oppenheimer & Co. Inc. acquired a new position in shares of Orla Mining during the first quarter worth about $238,000. American Century Companies Inc. increased its stake in shares of Orla Mining by 1.9% during the first quarter. American Century Companies Inc. now owns 440,059 shares of the company's stock worth $4,110,000 after acquiring an additional 8,399 shares during the period. HighTower Advisors LLC acquired a new position in shares of Orla Mining during the first quarter worth about $183,000. Finally, Deutsche Bank AG increased its stake in shares of Orla Mining by 14.0% during the first quarter. Deutsche Bank AG now owns 29,021 shares of the company's stock worth $271,000 after acquiring an additional 3,575 shares during the period. 43.04% of the stock is currently 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.

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