Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down – Time to Sell?

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) gapped down before the market opened on Tuesday . The stock had previously closed at $10.44, but opened at $10.19. Orla Mining shares last traded at $10.23, with a volume of 115,165 shares.

Analysts Set New Price Targets

ORLA has been the topic of several research reports. TD Securities upgraded Orla Mining to a “hold” rating in a research note on Tuesday, February 4th. TD Cowen started coverage on Orla Mining in a research note on Tuesday, February 4th. They issued a “hold” rating for the company. Finally, Stifel Canada raised shares of Orla Mining to a “strong-buy” rating in a research note on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $6.00.

Orla Mining Stock Down 1.6%

The firm has a 50 day simple moving average of $9.98 and a two-hundred day simple moving average of $6.84. The company has a quick ratio of 3.95, a current ratio of 4.54 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $3.31 billion, a P/E ratio of -1,025.47 and a beta of 0.71.

Hedge Funds Weigh In On Orla Mining

A number of hedge funds have recently modified their holdings of ORLA. FMR LLC boosted its stake in shares of Orla Mining by 17.3% in the 4th quarter. FMR LLC now owns 24,065,292 shares of the company’s stock valued at $133,264,000 after purchasing an additional 3,553,481 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Orla Mining in the 4th quarter worth about $11,944,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Orla Mining by 119.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,843,000 shares of the company’s stock valued at $35,898,000 after purchasing an additional 2,094,800 shares during the period. Amundi boosted its position in shares of Orla Mining by 49.9% during the 1st quarter. Amundi now owns 3,711,381 shares of the company’s stock valued at $35,147,000 after purchasing an additional 1,235,692 shares in the last quarter. Finally, CWA Asset Management Group LLC grew its stake in Orla Mining by 63.3% during the first quarter. CWA Asset Management Group LLC now owns 2,918,040 shares of the company’s stock worth $27,284,000 after purchasing an additional 1,131,625 shares during the period. 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.