Orla Mining (NYSEAMERICAN:ORLA) Reaches New 1-Year High – Here’s Why

Orla Mining Ltd. (NYSEAMERICAN:ORLA) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $9.64 and last traded at $9.52, with a volume of 1140039 shares trading hands. The stock had previously closed at $9.30.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ORLA. TD Securities raised Orla Mining to a “hold” rating in a research note on Tuesday, February 4th. Stifel Canada upgraded Orla Mining to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, TD Cowen assumed coverage on Orla Mining in a research note on Tuesday, February 4th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Orla Mining currently has an average rating of “Buy” and a consensus target price of $6.13.

Orla Mining Price Performance

The company has a quick ratio of 3.95, a current ratio of 4.54 and a debt-to-equity ratio of 0.12. The firm’s 50 day moving average price is $7.32. The stock has a market capitalization of $3.06 billion, a PE ratio of -947.05 and a beta of 0.71.

Hedge Funds Weigh In On Orla Mining

Hedge funds have recently made changes to their positions in the business. FMR LLC increased its position in shares of Orla Mining by 17.3% during the fourth quarter. FMR LLC now owns 24,065,292 shares of the company’s stock valued at $133,264,000 after buying an additional 3,553,481 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Orla Mining during the 4th quarter worth approximately $11,944,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Orla Mining during the 4th quarter worth approximately $9,668,000. The Manufacturers Life Insurance Company raised its position in shares of Orla Mining by 197.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 880,354 shares of the company’s stock worth $4,882,000 after acquiring an additional 584,257 shares in the last quarter. Finally, Intact Investment Management Inc. bought a new stake in shares of Orla Mining during the fourth quarter valued at approximately $3,186,000. 43.04% of the stock is owned by hedge funds and other institutional investors.

Orla Mining Company Profile

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.