Orla Mining (NYSEAMERICAN:ORLA) Shares Down 4.5% - Here's What Happened

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) traded down 4.5% during trading on Friday . The stock traded as low as $9.58 and last traded at $9.57. 298,525 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 859,214 shares. The stock had previously closed at $10.02.

Wall Street Analyst Weigh In

Separately, Stifel Canada raised Orla Mining to a "strong-buy" rating in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $6.00.

Orla Mining Price Performance

The firm has a market cap of $3.26 billion, a PE ratio of -1,002.00 and a beta of 0.38. The company has a current ratio of 0.81, a quick ratio of 0.62 and a debt-to-equity ratio of 0.92. The company has a 50 day moving average price of $10.56 and a 200 day moving average price of $7.78.

Institutional Investors Weigh In On Orla Mining

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in Orla Mining by 103.1% in the fourth quarter. Renaissance Technologies LLC now owns 178,300 shares of the company's stock valued at $988,000 after acquiring an additional 90,500 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Orla Mining during the 4th quarter worth about $173,000. Two Sigma Investments LP increased 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 worth $1,995,000 after purchasing an additional 295,133 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Orla Mining during the 4th quarter worth approximately $131,000. Finally, BNP Paribas Financial Markets purchased a new position in Orla Mining in the fourth quarter valued at approximately $181,000. 43.04% of the stock is owned by institutional investors and hedge funds.

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.