Orla Mining (NYSEAMERICAN:ORLA) Trading Down 5% - Here's What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) traded down 5% on Wednesday . The stock traded as low as $12.04 and last traded at $12.00. 413,256 shares were traded during trading, a decline of 55% from the average session volume of 920,952 shares. The stock had previously closed at $12.63.

Analysts Set New Price Targets

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 hold rating, one has issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.50.

Orla Mining Stock Up 3.7%

The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.62 and a current ratio of 0.81. The firm has a market capitalization of $3.39 billion, a PE ratio of 32.62 and a beta of 0.35. The company's 50 day simple moving average is $10.76 and its 200-day simple moving average is $8.72.

Hedge Funds Weigh In On Orla Mining

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Orla Mining by 11.5% during the 1st 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 last quarter. Renaissance Technologies LLC grew its holdings in shares of Orla Mining by 103.1% during the 4th quarter. Renaissance Technologies LLC now owns 178,300 shares of the company's stock valued at $988,000 after purchasing an additional 90,500 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Orla Mining during the 1st quarter valued at $238,000. Raymond James Financial Inc. bought a new position in shares of Orla Mining during the 4th quarter valued at $173,000. Finally, Two Sigma Investments LP boosted its position in Orla Mining by 453.8% during the 4th quarter. Two Sigma Investments LP now owns 360,170 shares of the company's stock valued at $1,995,000 after buying an additional 295,133 shares during the period. Institutional investors own 43.04% of the company's stock.

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.