Orla Mining (TSE:OLA) Shares Down 16.3% - Here's What Happened

Orla Mining Ltd. (TSE:OLA - Get Free Report)'s share price was down 16.3% on Monday . The stock traded as low as C$12.86 and last traded at C$12.96. Approximately 350,833 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 602,522 shares. The stock had previously closed at C$15.48.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OLA shares. Stifel Nicolaus upped their target price on shares of Orla Mining from C$15.50 to C$19.00 in a report on Monday, April 21st. Cormark increased their price objective on shares of Orla Mining from C$10.00 to C$12.00 in a report on Thursday, March 20th. BMO Capital Markets increased their price objective on shares of Orla Mining from C$12.50 to C$14.50 in a report on Thursday, March 20th. Royal Bank of Canada increased their price objective on shares of Orla Mining from C$13.00 to C$15.00 in a report on Friday, April 4th. Finally, Desjardins increased their price objective on shares of Orla Mining from C$12.00 to C$13.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Orla Mining has a consensus rating of "Buy" and a consensus price target of C$13.28.

Orla Mining Price Performance

The firm's 50-day moving average price is C$13.72 and its 200-day moving average price is C$10.09. The company has a current ratio of 4.54, a quick ratio of 1.22 and a debt-to-equity ratio of 12.68. The stock has a market capitalization of C$2.86 billion, a PE ratio of 270.17 and a beta of 1.57.

Insider Activity

In related news, Senior Officer Etienne Morin sold 77,470 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of C$13.00, for a total value of C$1,007,110.00. Also, Director Charles A. Jeannes sold 15,023 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of C$12.86, for a total transaction of C$193,257.37. In the last three months, insiders have sold 385,399 shares of company stock worth $5,067,805. 51.68% of the stock is currently owned by corporate insiders.

Orla Mining Company Profile

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.