Orla Mining (NYSEAMERICAN:ORLA) Shares Down 8.4% – Here’s Why

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s stock price fell 8.4% on Friday . The stock traded as low as $12.35 and last traded at $12.38. 825,494 shares traded hands during trading, a decline of 51% from the average session volume of 1,682,906 shares. The stock had previously closed at $13.52.

Analyst Ratings Changes

Separately, CIBC restated an “outperform” rating on shares of Orla Mining in a report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $23.00.

Orla Mining Price Performance

The company has a fifty day moving average of $11.01 and a 200 day moving average of $10.65. The firm has a market capitalization of $3.96 billion, a P/E ratio of 243.05 and a beta of 0.33. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.85 and a quick ratio of 0.66.

Institutional Trading of Orla Mining

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its holdings in Orla Mining by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 504,000 shares of the company’s stock valued at $4,708,000 after acquiring an additional 52,000 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in Orla Mining in the first quarter valued at approximately $238,000. American Century Companies Inc. lifted its stake in Orla Mining by 1.9% in the first quarter. American Century Companies Inc. now owns 440,059 shares of the company’s stock valued at $4,110,000 after buying an additional 8,399 shares during the period. HighTower Advisors LLC acquired a new position in Orla Mining in the first quarter valued at approximately $183,000. Finally, Deutsche Bank AG lifted its stake in Orla Mining by 14.0% in the first quarter. Deutsche Bank AG now owns 29,021 shares of the company’s stock valued at $271,000 after buying an additional 3,575 shares during the period. 43.04% of the stock is currently owned by institutional investors.

Orla Mining Company Profile

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.