Orla Mining (NYSEAMERICAN:ORLA) Hits New 12-Month High - Here's What Happened

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

Analysts Set New Price Targets

ORLA has been the topic of several recent research reports. TD Cowen started coverage on shares of Orla Mining in a research report on Tuesday, February 4th. They set a "hold" rating on the stock. TD Securities raised Orla Mining to a "hold" rating in a research report on Tuesday, February 4th. Finally, Stifel Canada raised Orla Mining to a "strong-buy" rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $6.13.

Orla Mining Stock Up 0.2 %

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 business has a 50 day moving average of $7.52. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -822.18 and a beta of 0.71.

Institutional Investors Weigh In On Orla Mining

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

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.