Collective Mining (NYSEAMERICAN:CNL) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Collective Mining Ltd. (NYSEAMERICAN:CNL) saw strong trading volume on Wednesday . 62,995 shares traded hands during mid-day trading, a decline of 10% from the previous session’s volume of 70,371 shares.The stock last traded at $15.58 and had previously closed at $16.94.

Wall Street Analyst Weigh In

Separately, Zacks Research downgraded Collective Mining from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Collective Mining currently has an average rating of “Sell”.

Collective Mining Stock Down 8.6%

The company’s 50 day simple moving average is $13.98. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -29.23 and a beta of -0.84. The company has a current ratio of 4.77, a quick ratio of 4.77 and a debt-to-equity ratio of 0.01.

Institutional Trading of Collective Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNL. FNY Investment Advisers LLC bought a new stake in Collective Mining in the second quarter worth about $61,000. Deutsche Bank AG grew its stake in shares of Collective Mining by 244.4% during the second quarter. Deutsche Bank AG now owns 7,715 shares of the company’s stock valued at $95,000 after buying an additional 5,475 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Collective Mining by 6.3% in the first quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company’s stock worth $191,000 after buying an additional 649 shares during the period. Cibc World Market Inc. purchased a new stake in shares of Collective Mining in the second quarter worth approximately $348,000. Finally, Legal & General Group Plc bought a new stake in shares of Collective Mining during the 2nd quarter worth approximately $660,000.

Collective Mining Company Profile

Collective Mining Ltd is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. The company currently has interest in two projects located in Colombia, namely, Guayabales and San Antonio. The company is responsible for discovering, permitting, and constructing the gold mine in Colombia. The company is rapidly advancing exploration on large-scale copper-gold-molybdenum porphyry targets in the mining-friendly department of Caldas in Colombia.