Collective Mining (NASDAQ:CNL) Shares Gap Up – Time to Buy?

Collective Mining Ltd. (NASDAQ:CNL) gapped up before the market opened on Wednesday. The stock had previously closed at $11.58, but opened at $12.24. Collective Mining shares last traded at $11.2760, with a volume of 16,579 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNL. Weiss Ratings started coverage on Collective Mining in a report on Thursday, August 13th. They issued a “sell (d-)” rating on the stock. Zacks Research raised Collective Mining from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Collective Mining currently has a consensus rating of “Reduce”.

Collective Mining Stock Performance

The stock has a market cap of $1.04 billion, a P/E ratio of -17.42 and a beta of -0.61. The firm has a 50-day moving average of $13.99. The company has a current ratio of 3.99, a quick ratio of 3.99 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Collective Mining

Institutional investors have recently bought and sold shares of the business. Groupe la Francaise raised its stake in shares of Collective Mining by 8.5% in the 2nd quarter. Groupe la Francaise now owns 510,000 shares of the company’s stock valued at $6,278,000 after buying an additional 40,000 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Collective Mining during the 2nd quarter valued at about $1,375,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Collective Mining during the 2nd quarter valued at about $155,000.

Collective Mining Company Profile

Collective Mining Ltd. is a mineral exploration and development company focused on discovering and advancing precious- and base-metal projects in Colombia. The company’s primary exploration targets include gold, silver, copper and related mineralization, with activities centered on evaluating the size, grade and development potential of its mineral properties.

Collective Mining’s flagship asset is the Guayabales project in Colombia’s Caldas department. The company has reported multiple exploration discoveries at Guayabales, including the Apollo system, and continues to conduct drilling, geological studies and other technical work to expand its understanding of the project.