Orla Mining (TSE:OLA) Stock Price Down 6.6% - Here's What Happened

Key Points

• Orla Mining Ltd. experienced a significant decline of 6.6% in its stock price during mid-day trading, with shares trading as low as C$13.00 before closing at C$13.24.
• Analysts have mixed views with CIBC increasing its price target to C$18.50, while Stifel Nicolaus lowered theirs to C$18.50, resulting in an average rating of "Buy" with a target price of C$14.75.
• Insider trading activity revealed that insiders sold a total of 50,462 shares valued at $781,286 in the last 90 days, with company insiders owning 51.68% of the stock.

Shares of Orla Mining Ltd. (TSE:OLA - Get Free Report) were down 6.6% on Tuesday . The stock traded as low as C$13.00 and last traded at C$13.24. Approximately 80,380 shares changed hands during trading, a decline of 87% from the average daily volume of 638,933 shares. The stock had previously closed at C$14.18.

Analyst Upgrades and Downgrades

OLA has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their price objective on Orla Mining from C$15.00 to C$18.00 in a report on Wednesday, June 4th. CIBC lifted their price target on shares of Orla Mining from C$16.25 to C$18.50 in a research report on Thursday, April 17th. Finally, Stifel Nicolaus dropped their price target on Orla Mining from C$19.00 to C$18.50 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of C$14.75.

Orla Mining Trading Up 0.1%

The company has a debt-to-equity ratio of 12.68, a current ratio of 4.54 and a quick ratio of 1.22. The company has a market cap of C$3.09 billion, a price-to-earnings ratio of 291.33 and a beta of 1.57. The business has a 50 day simple moving average of C$14.43 and a 200 day simple moving average of C$13.30.

Insider Transactions at Orla Mining

In other news, Director David Andrew Stephens sold 7,500 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of C$15.47, for a total transaction of C$116,025.75. Also, Senior Officer Etienne Morin sold 10,000 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of C$15.51, for a total value of C$155,064.00. In the last ninety days, insiders have sold 50,462 shares of company stock worth $781,286. Insiders own 51.68% of the company's stock.

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.