Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $13.77, but opened at $13.20. Orla Mining shares last traded at $12.86, with a volume of 648,119 shares trading hands.

Analysts Set New Price Targets

Several brokerages have issued reports on ORLA. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Orla Mining in a report on Tuesday, October 21st. Scotiabank restated an “outperform” rating on shares of Orla Mining in a research report on Thursday, October 23rd. Finally, CIBC reaffirmed an “outperform” rating on shares of Orla Mining in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Orla Mining Price Performance

The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 96.23 and a beta of 0.30. The company has a fifty day simple moving average of $11.59 and a two-hundred day simple moving average of $10.99. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.88 and a current ratio of 1.07.

Orla Mining Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 10th. Investors of record on Monday, January 12th will be given a dividend of $0.015 per share. The ex-dividend date is Monday, January 12th. This represents a $0.06 annualized dividend and a yield of 0.5%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss Life Asset Management Ltd purchased a new position in shares of Orla Mining during the 3rd quarter worth about $142,000. CIBC Private Wealth Group LLC purchased a new stake in Orla Mining in the third quarter valued at approximately $27,000. Parvin Asset Management LLC increased its position in Orla Mining by 2.2% during the third quarter. Parvin Asset Management LLC now owns 69,675 shares of the company’s stock worth $752,000 after purchasing an additional 1,475 shares during the last quarter. Wexford Capital LP purchased a new position in Orla Mining during the third quarter worth approximately $165,000. Finally, Verition Fund Management LLC purchased a new position in Orla Mining during the third quarter worth approximately $402,000. 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.