Van ECK Associates Corp Purchases New Holdings in Orla Mining Ltd. $ORLA

Van ECK Associates Corp acquired a new stake in shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) in the second quarter, HoldingsChannel reports. The fund acquired 17,749,074 shares of the company’s stock, valued at approximately $173,781,000. Van ECK Associates Corp owned 0.05% of Orla Mining at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ORLA. Millennium Management LLC raised its position in shares of Orla Mining by 992.0% in the 3rd quarter. Millennium Management LLC now owns 9,066,678 shares of the company’s stock valued at $97,814,000 after purchasing an additional 8,236,385 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Orla Mining during the 2nd quarter valued at approximately $74,238,000. Vanguard Group Inc. grew its position in shares of Orla Mining by 152.1% during the fourth quarter. Vanguard Group Inc. now owns 8,202,861 shares of the company’s stock worth $110,320,000 after buying an additional 4,948,805 shares in the last quarter. Invesco Ltd. grew its position in shares of Orla Mining by 994.7% during the fourth quarter. Invesco Ltd. now owns 3,539,392 shares of the company’s stock worth $47,676,000 after buying an additional 3,216,068 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Orla Mining in the fourth quarter worth $34,756,000. 43.04% of the stock is currently owned by hedge funds and other institutional investors.

Orla Mining Price Performance

Shares of NYSEAMERICAN ORLA opened at $9.44 on Friday. Orla Mining Ltd. has a twelve month low of $8.43 and a twelve month high of $21.98. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 13.88 and a beta of 0.28. The business has a 50 day simple moving average of $9.47 and a 200-day simple moving average of $13.15.

Analysts Set New Price Targets

Several analysts recently issued reports on ORLA shares. Zacks Research cut shares of Orla Mining from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. TD Cowen raised shares of Orla Mining from a “hold” rating to a “buy” rating in a report on Wednesday, May 20th. Finally, TD Securities raised shares of Orla Mining from a “hold” rating to a “buy” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.00.

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.