Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Down – Should You Sell?

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $9.12, but opened at $8.53. Orla Mining shares last traded at $9.35, with a volume of 338,718 shares.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ORLA. Stifel Canada raised shares of Orla Mining to a “strong-buy” rating in a research note on Wednesday. TD Cowen assumed coverage on shares of Orla Mining in a research report on Tuesday, February 4th. They issued a “hold” rating on the stock. TD Securities raised shares of Orla Mining to a “hold” rating in a research report on Tuesday, February 4th. Finally, Scotiabank upgraded shares of Orla Mining from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $6.13.

Orla Mining Stock Up 3.7 %

The stock’s fifty day moving average is $6.77. The company has a current ratio of 4.54, a quick ratio of 3.95 and a debt-to-equity ratio of 0.12. The firm has a market cap of $3.00 billion, a PE ratio of -929.07 and a beta of 0.71.

Institutional Trading of Orla Mining

A number of hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp raised its stake in shares of Orla Mining by 17.2% during the fourth quarter. Mackenzie Financial Corp now owns 145,765 shares of the company’s stock valued at $806,000 after purchasing an additional 21,353 shares during the period. Two Sigma Advisers LP purchased a new stake in shares of Orla Mining during the fourth quarter valued at approximately $84,000. Two Sigma Investments LP raised its stake in shares of Orla Mining by 453.8% during the fourth quarter. Two Sigma Investments LP now owns 360,170 shares of the company’s stock valued at $1,995,000 after purchasing an additional 295,133 shares during the period. Toronto Dominion Bank raised its stake in shares of Orla Mining by 167.4% during the fourth quarter. Toronto Dominion Bank now owns 45,906 shares of the company’s stock valued at $254,000 after purchasing an additional 28,741 shares during the period. Finally, Gotham Asset Management LLC increased its stake in shares of Orla Mining by 11.8% in the fourth quarter. Gotham Asset Management LLC now owns 19,393 shares of the company’s stock worth $107,000 after buying an additional 2,048 shares during the last quarter. Hedge funds and other institutional investors 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.