Orla Mining (NYSEAMERICAN:ORLA) Shares Down 9.6% – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s share price was down 9.6% on Thursday . The company traded as low as $17.95 and last traded at $18.04. Approximately 2,037,288 shares were traded during trading, a decline of 10% from the average daily volume of 2,252,386 shares. The stock had previously closed at $19.95.

Analyst Ratings Changes

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

Orla Mining Stock Performance

The company has a debt-to-equity ratio of 0.66, a current ratio of 1.07 and a quick ratio of 0.88. The firm has a market cap of $6.30 billion, a P/E ratio of 140.70 and a beta of 0.23. The stock’s 50 day moving average is $16.55 and its two-hundred day moving average is $13.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in shares of Orla Mining in the 4th quarter worth about $29,000. CIBC Private Wealth Group LLC bought a new stake in Orla Mining during the third quarter worth about $27,000. SBI Securities Co. Ltd. increased its holdings in shares of Orla Mining by 67.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 4,672 shares of the company’s stock worth $63,000 after buying an additional 1,889 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Orla Mining by 197.0% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,313 shares of the company’s stock valued at $71,000 after acquiring an additional 3,524 shares during the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Orla Mining in the 3rd quarter worth approximately $58,000. 43.04% of the stock is owned by institutional investors.

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.