Orla Mining (NYSEAMERICAN:ORLA) Stock Price Up 5.9% - 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.

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

Analyst Ratings Changes

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

Orla Mining Stock Performance

The stock has a market cap of $4.16 billion, a P/E ratio of 255.65 and a beta of 0.35. The company has a fifty day moving average price of $10.69 and a 200 day moving average price of $10.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.85 and a quick ratio of 0.66.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Orla Mining by 33.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,139,774 shares of the company's stock valued at $51,667,000 after buying an additional 1,296,774 shares during the last quarter. Amundi raised its stake in shares of Orla Mining by 49.9% during the 1st quarter. Amundi now owns 3,711,381 shares of the company's stock valued at $35,147,000 after purchasing an additional 1,235,692 shares during the period. CWA Asset Management Group LLC raised its stake in shares of Orla Mining by 63.3% during the 1st quarter. CWA Asset Management Group LLC now owns 2,918,040 shares of the company's stock valued at $27,284,000 after purchasing an additional 1,131,625 shares during the period. TD Asset Management Inc increased its stake in Orla Mining by 15.7% in the 1st quarter. TD Asset Management Inc now owns 2,780,946 shares of the company's stock worth $25,969,000 after acquiring an additional 378,015 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC increased its stake in Orla Mining by 2.2% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,397,753 shares of the company's stock worth $12,951,000 after acquiring an additional 30,722 shares during the last quarter. Hedge funds and other 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.

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