Orla Mining (NYSEAMERICAN:ORLA) Shares Down 6.8% - What's Next?

Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report)'s stock price traded down 6.8% on Tuesday . The stock traded as low as $10.19 and last traded at $9.91. 86,274 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 879,879 shares. The stock had previously closed at $10.64.

Analyst Upgrades and Downgrades

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

Orla Mining Trading Up 4.6%

The firm's 50-day moving average is $10.46 and its 200-day moving average is $8.03. 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 firm has a market cap of $3.47 billion, a price-to-earnings ratio of -1,068.00 and a beta of 0.35.

Hedge Funds Weigh In On Orla Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Salem Investment Counselors Inc. purchased a new position in shares of Orla Mining in the 2nd quarter worth about $30,000. Mariner LLC bought a new stake in Orla Mining in the 4th quarter valued at about $58,000. Scotia Capital Inc. bought a new stake in Orla Mining in the 4th quarter valued at about $67,000. Two Sigma Advisers LP bought a new stake in Orla Mining in the 4th quarter valued at about $84,000. Finally, Banque Cantonale Vaudoise bought a new stake in Orla Mining in the 1st quarter valued at about $86,000. 43.04% of the stock is owned by hedge funds and other institutional investors.

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.