Orla Mining (NYSEAMERICAN:ORLA) Shares Gap Up – Should You Buy?

Orla Mining Ltd. (NYSEAMERICAN:ORLA) shares gapped up prior to trading on Friday . The stock had previously closed at $13.37, but opened at $13.82. Orla Mining shares last traded at $13.6890, with a volume of 438,720 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on ORLA. Zacks Research raised shares of Orla Mining from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. National Bank Financial began coverage on Orla Mining in a research report on Monday, January 12th. They issued an “outperform” rating on the stock. Scotiabank reiterated an “outperform” rating on shares of Orla Mining in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Orla Mining in a report on Wednesday, February 4th. Finally, ATB Cormark Capital Markets upgraded Orla Mining from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $27.00.

Orla Mining Stock Performance

The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 53.96 and a beta of 0.23. The stock has a 50 day moving average of $17.17 and a 200 day moving average of $13.88. The company has a quick ratio of 0.88, a current ratio of 1.07 and a debt-to-equity ratio of 0.66.

Hedge Funds Weigh In On Orla Mining

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sprott Inc. boosted its position in shares of Orla Mining by 1.8% during the 4th quarter. Sprott Inc. now owns 45,822 shares of the company’s stock worth $617,000 after acquiring an additional 799 shares in the last quarter. Parvin Asset Management LLC raised its position in Orla Mining by 1.2% during the fourth quarter. Parvin Asset Management LLC now owns 70,500 shares of the company’s stock valued at $950,000 after purchasing an additional 825 shares in the last quarter. Neuberger Berman Group LLC raised its position in Orla Mining by 13.9% during the third quarter. Neuberger Berman Group LLC now owns 13,374 shares of the company’s stock valued at $144,000 after purchasing an additional 1,637 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in Orla Mining by 50.0% during the second quarter. TD Waterhouse Canada Inc. now owns 5,368 shares of the company’s stock worth $53,000 after purchasing an additional 1,789 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in Orla Mining by 67.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 4,672 shares of the company’s stock worth $63,000 after purchasing an additional 1,889 shares during the last quarter. 43.04% of the stock is currently owned by institutional investors and hedge funds.

About Orla Mining

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.