Orla Mining (NYSEAMERICAN:ORLA) Trading Down 5.1% - What's Next?

Key Points

• Orla Mining's share price fell by 5.1%, trading as low as $10.87 with a significant drop in volume to 427,501 shares compared to its average daily volume of 1,605,926 shares.
• CIBC reaffirmed an "outperform" rating for Orla Mining, with the stock having a consensus target price of $14.50 and a general consensus rating of "Buy".
• Institutional investors now own 43.04% of Orla Mining's stock, indicating increasing interest from hedge funds in the company's growth potential.

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report)'s share price dropped 5.1% on Thursday . The company traded as low as $10.87 and last traded at $10.95. Approximately 427,501 shares were traded during trading, a decline of 73% from the average daily volume of 1,605,926 shares. The stock had previously closed at $11.54.

Wall Street Analysts Forecast Growth

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

Orla Mining Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.66 and a current ratio of 0.85. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 216.64 and a beta of 0.33. The company's fifty day moving average is $10.72 and its two-hundred day moving average is $10.51.

Hedge Funds Weigh In On Orla Mining

A number of institutional investors have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. acquired a new stake in shares of Orla Mining in the 2nd quarter valued at about $30,000. IFP Advisors Inc raised its stake in shares of Orla Mining by 191.6% in the 2nd quarter. IFP Advisors Inc now owns 3,981 shares of the company's stock valued at $40,000 after purchasing an additional 2,616 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Orla Mining by 50.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,368 shares of the company's stock valued at $53,000 after purchasing an additional 1,789 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Orla Mining in the 1st quarter valued at about $86,000. Finally, Osaic Holdings Inc. grew its position in shares of Orla Mining by 82.2% during the 2nd quarter. Osaic Holdings Inc. now owns 10,161 shares of the company's stock valued at $102,000 after buying an additional 4,584 shares during the last quarter. Institutional investors and hedge funds 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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