Orla Mining (NYSEAMERICAN:ORLA) Hits New 12-Month High – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA) shares hit a new 52-week high on Tuesday . The stock traded as high as $21.98 and last traded at $21.70, with a volume of 2763185 shares. The stock had previously closed at $21.62.

Wall Street Analysts Forecast Growth

ORLA has been the subject of a number of recent analyst reports. ATB Cormark Capital Markets raised Orla Mining from a “hold” rating to a “moderate buy” rating in a report on Monday, February 23rd. National Bank Financial initiated coverage on Orla Mining in a research report on Monday, January 12th. They set an “outperform” rating on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Orla Mining in a research report on Monday, January 26th. Zacks Research upgraded shares of Orla Mining from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Orla Mining in a research note on Wednesday, February 4th. Three analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $27.00.

Orla Mining Stock Performance

The stock has a market capitalization of $6.87 billion, a P/E ratio of 153.47 and a beta of 0.23. The business has a 50-day moving average price of $16.55 and a 200 day moving average price of $13.38. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.88 and a current ratio of 1.07.

Hedge Funds Weigh In On Orla Mining

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC boosted its holdings in shares of Orla Mining by 45.8% in the first quarter. Millennium Management LLC now owns 594,177 shares of the company’s stock worth $5,555,000 after buying an additional 186,714 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Orla Mining by 14.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,061,455 shares of the company’s stock valued at $9,925,000 after buying an additional 131,577 shares in the last quarter. PCJ Investment Counsel Ltd. lifted its stake in shares of Orla Mining by 81.6% in the 2nd quarter. PCJ Investment Counsel Ltd. now owns 266,250 shares of the company’s stock valued at $2,676,000 after purchasing an additional 119,620 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Orla Mining by 33.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,139,774 shares of the company’s stock worth $51,667,000 after buying an additional 1,296,774 shares during the last quarter. Finally, Merrion Investment Management Co LLC bought a new stake in shares of Orla Mining in the 2nd quarter worth about $355,000. Institutional investors own 43.04% of the company’s stock.

About Orla Mining

Orla Mining is a Canada-based mineral exploration and development company focused on advancing gold and silver projects in the Americas. Its flagship asset is the Cerro Quema oxide gold-silver project in Panama, where the company holds approximately 13,000 hectares of mineral concessions. Through feasibility studies and pilot plant testing, Orla has demonstrated the potential of heap leach processing at Cerro Quema, positioning the asset for transition into construction and production phases.

In addition to Cerro Quema, Orla Mining expanded its portfolio in early 2023 with the acquisition of the Gold Springs project located along the Utah–Nevada border in the United States.