Zacks Research Downgrades Collective Mining (NYSEAMERICAN:CNL) to Strong Sell

Collective Mining (NYSEAMERICAN:CNL) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Collective Mining Trading Down 4.6%

Collective Mining stock opened at $11.74 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.77 and a quick ratio of 4.77. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -22.15 and a beta of -0.89. The stock’s 50-day moving average is $14.49. Collective Mining has a 1 year low of $8.30 and a 1 year high of $21.97.

Institutional Investors Weigh In On Collective Mining

Several hedge funds have recently bought and sold shares of the company. Groupe la Francaise boosted its position in shares of Collective Mining by 88.0% during the first quarter. Groupe la Francaise now owns 470,000 shares of the company’s stock worth $8,227,000 after purchasing an additional 220,000 shares in the last quarter. Amundi increased its position in shares of Collective Mining by 4.6% in the 1st quarter. Amundi now owns 760,602 shares of the company’s stock valued at $13,394,000 after buying an additional 33,239 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Collective Mining in the 2nd quarter valued at $61,000. Finally, Pictet Asset Management Holding SA raised its stake in Collective Mining by 6.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company’s stock worth $191,000 after buying an additional 649 shares during the period.

About Collective Mining

Collective Mining Ltd is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. The company currently has interest in two projects located in Colombia, namely, Guayabales and San Antonio. The company is responsible for discovering, permitting, and constructing the gold mine in Colombia. The company is rapidly advancing exploration on large-scale copper-gold-molybdenum porphyry targets in the mining-friendly department of Caldas in Colombia.