Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Up – Still a Buy?

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) gapped up prior to trading on Tuesday . The stock had previously closed at $9.24, but opened at $9.50. Orla Mining shares last traded at $9.23, with a volume of 221,649 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ORLA shares. Scotiabank upgraded Orla Mining from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 27th. TD Securities upgraded shares of Orla Mining to a “hold” rating in a report on Tuesday, February 4th. Finally, TD Cowen began coverage on shares of Orla Mining in a report on Tuesday, February 4th. They issued a “hold” rating for the company. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Orla Mining currently has an average rating of “Moderate Buy” and an average target price of $6.13.

Orla Mining Price Performance

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 $2.89 billion, a PE ratio of -896.10 and a beta of 0.71. The firm’s fifty day moving average price is $6.70.

Hedge Funds Weigh In On Orla Mining

Hedge funds have recently modified their holdings of the stock. Kitching Partners LLC purchased a new stake in Orla Mining in the third quarter valued at approximately $48,000. Mariner LLC purchased a new stake in Orla Mining in the fourth quarter valued at approximately $58,000. Scotia Capital Inc. purchased a new stake in Orla Mining in the fourth quarter valued at approximately $67,000. Walleye Capital LLC purchased a new stake in Orla Mining in the third quarter valued at approximately $69,000. Finally, DF Dent & Co. Inc. purchased a new stake in Orla Mining in the third quarter valued at approximately $80,000. 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.