Orla Mining (NYSEAMERICAN:ORLA) Trading 5.9% Higher - Here's What Happened

Key Points

• Orla Mining's stock price increased by 5.9% during trading on Monday, reaching a last traded price of $12.24, despite a significant decline in trading volume.
• CIBC reaffirmed an "outperform" rating for Orla Mining, with a consensus rating of "Buy" and an average price target of $14.50.
• Institutional investors have been actively increasing their stakes in Orla Mining, with Connor Clark & Lunn Investment Management increasing its holdings by 33.7% in the latest quarter.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) shares traded up 5.9% during mid-day trading on Monday . The stock traded as high as $12.17 and last traded at $12.24. 496,304 shares traded hands during trading, a decline of 63% from the average session volume of 1,357,062 shares. The stock had previously closed at $11.56.

Analyst Upgrades and Downgrades

Separately, CIBC reissued an "outperform" rating on shares of Orla Mining in a report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $14.50.

Orla Mining Stock Down 7.7%

The company has a market cap of $3.33 billion, a price-to-earnings ratio of 204.44 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 business has a fifty day moving average price of $10.76 and a two-hundred day moving average price of $10.22.

Hedge Funds Weigh In On Orla Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORLA. Allspring Global Investments Holdings LLC boosted its position in shares of 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 acquiring an additional 52,000 shares during the period. Oppenheimer & Co. Inc. acquired a new position in Orla Mining during the first quarter worth $238,000. Two Sigma Investments LP raised its stake in Orla Mining by 453.8% during the fourth quarter. Two Sigma Investments LP now owns 360,170 shares of the company's stock worth $1,995,000 after acquiring an additional 295,133 shares in the last quarter. American Century Companies Inc. raised its stake in 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 in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Orla Mining during the fourth quarter worth $181,000. 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.