Orla Mining Ltd. (NYSEAMERICAN:ORLA) Short Interest Down 38.8% in May

Orla Mining Ltd. (NYSEAMERICAN:ORLA) was the target of a large decline in short interest in May. As of May 29th, there was short interest totaling 3,806,789 shares, a decline of 38.8% from the May 14th total of 6,219,025 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average daily volume of 3,169,743 shares, the short-interest ratio is currently 1.2 days.

Orla Mining Price Performance

Shares of ORLA stock opened at $10.65 on Monday. Orla Mining has a 1-year low of $9.16 and a 1-year high of $21.98. The stock’s fifty day moving average price is $13.98 and its 200 day moving average price is $15.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.06 and a quick ratio of 0.88. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 15.66 and a beta of 0.21.

Orla Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th were paid a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a yield of 0.6%. The ex-dividend date was Tuesday, May 26th. Orla Mining’s payout ratio is -599.40%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL purchased a new stake in Orla Mining during the 3rd quarter valued at about $776,000. Gabelli Funds LLC grew its stake in Orla Mining by 9.7% during the 3rd quarter. Gabelli Funds LLC now owns 1,125,800 shares of the company’s stock valued at $12,159,000 after purchasing an additional 100,000 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Orla Mining during the 3rd quarter valued at about $976,000. Forge First Asset Management Inc. purchased a new stake in Orla Mining during the 3rd quarter valued at about $1,079,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Orla Mining by 41.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,251,539 shares of the company’s stock valued at $78,194,000 after purchasing an additional 2,111,765 shares during the last quarter. 43.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ORLA. ATB Cormark Capital Markets raised Orla Mining from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 23rd. TD Securities raised Orla Mining from a “hold” rating to a “buy” rating in a research report on Wednesday, May 20th. TD Cowen raised Orla Mining from a “hold” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Research raised Orla Mining from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.00.

Orla Mining Company Profile

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.