Orla Mining Ltd. (NYSEAMERICAN:ORLA) Short Interest Down 38.8% in May

Orla Mining Ltd. (NYSEAMERICAN:ORLA) was the target of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 3,806,789 shares, a decline of 38.8% from the May 14th total of 6,219,025 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average daily volume of 3,169,743 shares, the days-to-cover ratio is presently 1.2 days.

Institutional Trading of Orla Mining

A number of hedge funds have recently modified their holdings of ORLA. Millennium Management LLC boosted its stake in shares of Orla Mining by 45.8% in the first quarter. Millennium Management LLC now owns 594,177 shares of the company’s stock worth $5,555,000 after buying an additional 186,714 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Orla Mining by 14.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,061,455 shares of the company’s stock worth $9,925,000 after purchasing an additional 131,577 shares during the period. Geode Capital Management LLC boosted its position in Orla Mining by 3.3% during the second quarter. Geode Capital Management LLC now owns 124,405 shares of the company’s stock worth $1,255,000 after purchasing an additional 3,948 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Orla Mining by 83,706.4% during the second quarter. JPMorgan Chase & Co. now owns 313,436 shares of the company’s stock worth $3,141,000 after purchasing an additional 313,062 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Orla Mining by 21.5% during the second quarter. Russell Investments Group Ltd. now owns 30,058 shares of the company’s stock worth $301,000 after purchasing an additional 5,323 shares in the last quarter. Hedge funds and other institutional investors own 43.04% of the company’s stock.

Orla Mining Price Performance

Shares of ORLA opened at $10.65 on Monday. Orla Mining has a 52 week low of $9.16 and a 52 week high of $21.98. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 15.66 and a beta of 0.21. The stock’s 50-day moving average price is $13.98 and its 200-day moving average price is $15.08.

Orla Mining Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 26th were paid a $0.015 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.6%. Orla Mining’s dividend payout ratio is presently -599.40%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. TD Cowen upgraded Orla Mining from a “hold” rating to a “buy” rating in a research note on Wednesday, May 20th. TD Securities upgraded Orla Mining from a “hold” rating to a “buy” rating in a research note on Wednesday, May 20th. ATB Cormark Capital Markets upgraded Orla Mining from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 23rd. Finally, Zacks Research upgraded Orla Mining from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $27.00.

Orla Mining Company Profile

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.