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

Shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA - Get Free Report) 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 changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ORLA. TD Securities raised shares of Orla Mining to a "hold" rating in a report on Tuesday, February 4th. Scotiabank upgraded Orla Mining from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, November 27th. Stifel Canada upgraded Orla Mining to a "strong-buy" rating in a research report on Wednesday. Finally, TD Cowen initiated coverage on Orla Mining in a report on Tuesday, February 4th. They issued a "hold" rating on the stock. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "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 capitalization of $2.85 billion, a price-to-earnings ratio of -883.12 and a beta of 0.71. The firm has a 50 day moving average price of $6.84.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew its stake in shares of Orla Mining by 17.2% in the 4th quarter. Mackenzie Financial Corp now owns 145,765 shares of the company's stock valued at $806,000 after buying an additional 21,353 shares during the period. Two Sigma Advisers LP purchased a new position in Orla Mining in the fourth quarter valued at $84,000. Two Sigma Investments LP boosted its stake in shares of Orla Mining by 453.8% in the 4th quarter. Two Sigma Investments LP now owns 360,170 shares of the company's stock valued at $1,995,000 after buying an additional 295,133 shares during the period. Toronto Dominion Bank grew its holdings in Orla Mining by 167.4% during the 4th quarter. Toronto Dominion Bank now owns 45,906 shares of the company's stock worth $254,000 after acquiring an additional 28,741 shares in the last quarter. Finally, Gotham Asset Management LLC grew its stake in shares of Orla Mining by 11.8% during the fourth quarter. Gotham Asset Management LLC now owns 19,393 shares of the company's stock worth $107,000 after purchasing an additional 2,048 shares in the last quarter. 43.04% of the stock is owned by institutional investors and hedge funds.

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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.