Orla Mining (TSE:OLA) Downgraded by Canadian Imperial Bank of Commerce to Tender

Key Points

• Canadian Imperial Bank of Commerce downgraded Orla Mining from “outperformer” to “tender” and cut its price target to C$27.00 from C$32.00, though that still implies upside from the current share price.
• Despite the downgrade, the broader analyst view remains positive overall: Orla Mining has a consensus “Buy” rating with an average target price of C$29.06, and recent calls from other firms have included buy and strong-buy ratings.
• The stock was trading near its 52-week low at C$12.22, while the company recently reported quarterly EPS of C$0.54 on revenue of C$526.75 million.

Orla Mining (TSE:OLA - Get Free Report) was downgraded by equities researchers at Canadian Imperial Bank of Commerce from an "outperformer" rating to a "tender" rating in a research note issued on Thursday,BayStreet.CA reports. They currently have a C$27.00 price target on the stock, down from their prior price target of C$32.00. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 120.95% from the stock's current price.

Other analysts have also recently issued reports about the company. Desjardins set a C$35.00 price target on Orla Mining and gave the stock a "buy" rating in a report on Thursday, April 23rd. TD Securities raised Orla Mining from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 20th. Finally, Royal Bank Of Canada decreased their price target on shares of Orla Mining from C$28.00 to C$19.00 in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Orla Mining has a consensus rating of "Buy" and an average target price of C$29.06.

Orla Mining Stock Performance

OLA traded down C$0.90 on Thursday, reaching C$12.22. The company had a trading volume of 909,140 shares, compared to its average volume of 1,122,022. Orla Mining has a fifty-two week low of C$12.19 and a fifty-two week high of C$29.99. The stock has a market cap of C$4.59 billion, a P/E ratio of 16.97 and a beta of 1.33. The company's fifty day moving average is C$15.80 and its 200 day moving average is C$20.00. The company has a debt-to-equity ratio of 42.47, a quick ratio of 1.22 and a current ratio of 1.06.

Orla Mining (TSE:OLA - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported C$0.54 earnings per share (EPS) for the quarter. Orla Mining had a net margin of 19.45% and a return on equity of 40.70%. The firm had revenue of C$526.75 million during the quarter. As a group, analysts predict that Orla Mining will post 0.3352878 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ling Stephen sold 2,220 shares of the business's stock in a transaction dated Monday, May 25th. The stock was sold at an average price of C$17.38, for a total value of C$38,583.60. Following the completion of the transaction, the insider owned 1,915 shares of the company's stock, valued at C$33,282.70. The trade was a 53.69% decrease in their ownership of the stock. 51.68% of the stock is currently owned by company insiders.

About Orla Mining

Orla Mining Ltd is a mineral exploration company. It is engaged in the acquisition and exploration of mineral properties. The company holds two gold projects; the Camino Rojo gold and silver project in Zacatecas State, Mexico, and the Cerro Quema gold project in Panama. It conducts business activities in the geographic areas of Mexico, Panama, the United States, and Canada.

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