Orla Mining Ltd. (NYSEAMERICAN:ORLA) Sees Large Increase in Short Interest

Orla Mining Ltd. (NYSEAMERICAN:ORLA) was the target of a large increase in short interest in February. As of February 27th, there was short interest totaling 5,988,210 shares, an increase of 18.7% from the February 12th total of 5,044,839 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average daily trading volume, of 2,043,391 shares, the days-to-cover ratio is presently 2.9 days. Based on an average daily trading volume, of 2,043,391 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.8% of the company’s stock are short sold.

Orla Mining Stock Performance

Shares of Orla Mining stock traded up $0.22 during trading on Monday, reaching $16.54. The company’s stock had a trading volume of 1,862,235 shares, compared to its average volume of 1,892,099. Orla Mining has a one year low of $7.08 and a one year high of $21.98. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.88 and a current ratio of 1.07. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 127.24 and a beta of 0.23. The business’s fifty day moving average price is $17.15 and its 200-day moving average price is $13.80.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ORLA. Van ECK Associates Corp boosted its position in shares of Orla Mining by 279.9% in the fourth quarter. Van ECK Associates Corp now owns 19,391,604 shares of the company’s stock valued at $261,201,000 after acquiring an additional 14,287,477 shares during the period. Millennium Management LLC raised its stake in Orla Mining by 992.0% during the 3rd quarter. Millennium Management LLC now owns 9,066,678 shares of the company’s stock valued at $97,814,000 after purchasing an additional 8,236,385 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Orla Mining by 152.1% in the 4th quarter. Vanguard Group Inc. now owns 8,202,861 shares of the company’s stock valued at $110,320,000 after purchasing an additional 4,948,805 shares during the period. Invesco Ltd. boosted its holdings in Orla Mining by 994.7% in the 4th quarter. Invesco Ltd. now owns 3,539,392 shares of the company’s stock valued at $47,676,000 after purchasing an additional 3,216,068 shares during the period. Finally, Jupiter Asset Management Ltd. grew its position in Orla Mining by 25,866.2% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 2,791,369 shares of the company’s stock worth $30,112,000 after purchasing an additional 2,780,619 shares during the last quarter. 43.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ORLA shares. Scotiabank reiterated an “outperform” rating on shares of Orla Mining in a research note on Monday, January 26th. ATB Cormark Capital Markets upgraded shares of Orla Mining from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 23rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Orla Mining in a research note on Wednesday, February 4th. BMO Capital Markets reissued an “outperform” rating on shares of Orla Mining in a research report on Monday, January 26th. Finally, National Bank Financial started coverage on Orla Mining in a report on Monday, January 12th. They set an “outperform” rating on the stock. Three analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $27.00.

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.