Scotiabank Upgrades Orla Mining (NYSEAMERICAN:ORLA) to Strong-Buy

Orla Mining (NYSEAMERICAN:ORLA) was upgraded by investment analysts at Scotiabank from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, Desjardins raised shares of Orla Mining to a “moderate buy” rating in a report on Thursday, October 31st.

Orla Mining Stock Performance

Shares of Orla Mining stock opened at $4.77 on Wednesday. Orla Mining has a fifty-two week low of $2.60 and a fifty-two week high of $5.16. The firm has a market capitalization of $1.53 billion, a PE ratio of -476.52 and a beta of 0.79. The company has a quick ratio of 3.95, a current ratio of 4.54 and a debt-to-equity ratio of 0.12.

Institutional Investors Weigh In On Orla Mining

Several hedge funds have recently modified their holdings of ORLA. Goehring & Rozencwajg Associates LLC increased its stake in Orla Mining by 16.3% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,295,214 shares of the company’s stock worth $4,969,000 after purchasing an additional 181,900 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Orla Mining in the third quarter worth about $5,927,000. Allspring Global Investments Holdings LLC increased its position in shares of Orla Mining by 50.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 450,000 shares of the company’s stock worth $1,812,000 after acquiring an additional 150,000 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Orla Mining during the third quarter valued at approximately $43,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Orla Mining during the second quarter valued at approximately $102,000. 43.04% of the stock is owned by hedge funds and other institutional investors.

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.