Orla Mining (NYSEAMERICAN:ORLA) Stock Price Down 9.8% – Here’s What Happened

Orla Mining Ltd. (NYSEAMERICAN:ORLA)’s stock price traded down 9.8% on Friday . The stock traded as low as $13.44 and last traded at $13.3440. 1,340,289 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,528,840 shares. The stock had previously closed at $14.79.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. ATB Cormark Capital Markets raised Orla Mining from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 23rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Orla Mining in a research note on Wednesday, February 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Orla Mining in a research note on Monday, January 26th. Zacks Research lowered Orla Mining from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Finally, Scotiabank reissued an “outperform” rating on shares of Orla Mining in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $27.00.

Orla Mining Stock Down 8.5%

The stock has a 50 day moving average price of $15.77 and a 200 day moving average price of $14.96. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of 19.90 and a beta of 0.20. The company has a quick ratio of 0.92, a current ratio of 1.06 and a debt-to-equity ratio of 0.39.

Orla Mining Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 26th will be given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, May 26th. Orla Mining’s dividend payout ratio (DPR) is -599.40%.

Hedge Funds Weigh In On Orla Mining

A number of hedge funds have recently made changes to their positions in ORLA. Millennium Management LLC raised its position in shares of Orla Mining by 45.8% during the first quarter. Millennium Management LLC now owns 594,177 shares of the company’s stock worth $5,555,000 after acquiring an additional 186,714 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Orla Mining by 14.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,061,455 shares of the company’s stock worth $9,925,000 after acquiring an additional 131,577 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Orla Mining by 3.3% during the second quarter. Geode Capital Management LLC now owns 124,405 shares of the company’s stock worth $1,255,000 after acquiring an additional 3,948 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Orla Mining by 83,706.4% during the second quarter. JPMorgan Chase & Co. now owns 313,436 shares of the company’s stock worth $3,141,000 after acquiring an additional 313,062 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Orla Mining by 21.5% during the second quarter. Russell Investments Group Ltd. now owns 30,058 shares of the company’s stock worth $301,000 after acquiring an additional 5,323 shares during the last quarter. 43.04% of the stock is currently owned by institutional investors.

Orla Mining Company Profile

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.