Collective Mining (NASDAQ:CNL) Shares Gap Up – Time to Buy?

Shares of Collective Mining Ltd. (NASDAQ:CNL) gapped up prior to trading on Wednesday. The stock had previously closed at $11.58, but opened at $12.24. Collective Mining shares last traded at $11.2760, with a volume of 16,579 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNL. Weiss Ratings began coverage on shares of Collective Mining in a research note on Thursday, August 13th. They issued a “sell (d-)” rating on the stock. Zacks Research upgraded Collective Mining from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce”.

Collective Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.99 and a current ratio of 3.99. The firm’s 50 day simple moving average is $13.99. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -17.42 and a beta of -0.61.

Institutional Investors Weigh In On Collective Mining

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new stake in shares of Collective Mining during the 2nd quarter worth $1,375,000. Groupe la Francaise lifted its position in Collective Mining by 8.5% during the 2nd quarter. Groupe la Francaise now owns 510,000 shares of the company’s stock worth $6,278,000 after acquiring an additional 40,000 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Collective Mining during the 2nd quarter worth $155,000.

Collective Mining Company Profile

Collective Mining Ltd. is a mineral exploration and development company focused on discovering and advancing precious- and base-metal projects in Colombia. The company’s primary exploration targets include gold, silver, copper and related mineralization, with activities centered on evaluating the size, grade and development potential of its mineral properties.

Collective Mining’s flagship asset is the Guayabales project in Colombia’s Caldas department. The company has reported multiple exploration discoveries at Guayabales, including the Apollo system, and continues to conduct drilling, geological studies and other technical work to expand its understanding of the project.