Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Up – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA) gapped up prior to trading on Wednesday . The stock had previously closed at $4.45, but opened at $4.62. Orla Mining shares last traded at $4.71, with a volume of 64,787 shares changing hands.

Analysts Set New Price Targets

ORLA has been the subject of several recent research reports. Desjardins raised shares of Orla Mining to a “moderate buy” rating in a report on Thursday, October 31st. Scotiabank lifted their price objective on Orla Mining from $5.75 to $6.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th.

Orla Mining Stock Up 4.7 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.95 and a current ratio of 4.54. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -465.53 and a beta of 0.79.

Institutional Trading of Orla Mining

A number of hedge funds have recently bought and sold shares of ORLA. U S Global Investors Inc. increased its stake in shares of Orla Mining by 20.7% in the 2nd quarter. U S Global Investors Inc. now owns 301,660 shares of the company’s stock worth $1,282,000 after acquiring an additional 51,660 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Orla Mining during the second quarter worth about $1,151,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Orla Mining by 92.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,883 shares of the company’s stock worth $218,000 after purchasing an additional 27,315 shares during the period. CIBC Asset Management Inc raised its stake in Orla Mining by 7.9% during the second quarter. CIBC Asset Management Inc now owns 293,268 shares of the company’s stock worth $1,125,000 after purchasing an additional 21,576 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Orla Mining by 4.3% in the 2nd quarter. American Century Companies Inc. now owns 412,400 shares of the company’s stock valued at $1,583,000 after purchasing an additional 17,100 shares during the last quarter. Institutional investors and hedge funds own 43.04% of the company’s stock.

About Orla Mining

Orla Mining Ltd. acquires, explores, develops, and exploits mineral properties. The company explores for gold, silver, zinc, lead, and copper deposits. It owns 100% interests in the Camino Rojo project that consists of seven concessions covering an area of 138,636 hectares located in Zacatecas, Mexico; Cerro Quema project totaling an area of 15,000 hectares located in the Azuero Peninsula, Panama; and the South Railroad project consisting of an area of 21,000 hectares located in Elko, Nevada.