Orla Mining Ltd. (NYSEAMERICAN:ORLA) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 4,330,000 shares, a decline of 33.9% from the August 15th total of 6,550,000 shares. Approximately 2.9% of the company’s stock are short sold. Based on an average trading volume of 189,900 shares, the days-to-cover ratio is presently 22.8 days.
A number of large investors have recently modified their holdings of ORLA. Swiss National Bank increased its stake in shares of Orla Mining by 1.9% during the 1st quarter. Swiss National Bank now owns 315,700 shares of the company’s stock worth $1,175,000 after purchasing an additional 5,900 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Orla Mining during the 1st quarter worth about $278,000. Russell Investments Group Ltd. acquired a new position in shares of Orla Mining during the 1st quarter worth about $188,000. Toronto Dominion Bank increased its stake in shares of Orla Mining by 20.6% during the 1st quarter. Toronto Dominion Bank now owns 15,690 shares of the company’s stock worth $58,000 after purchasing an additional 2,676 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Orla Mining by 18.6% during the 1st quarter. Bank of Montreal Can now owns 3,746,742 shares of the company’s stock worth $14,836,000 after purchasing an additional 586,494 shares during the last quarter. 25.65% of the stock is currently owned by hedge funds and other institutional investors.
ORLA has been the topic of several research reports. Zacks Investment Research raised shares of Orla Mining from a “sell” rating to a “hold” rating in a research report on Wednesday, July 21st. TD Securities cut their price objective on shares of Orla Mining from C$8.00 to C$7.50 and set a “buy” rating on the stock in a research report on Monday, August 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Orla Mining presently has an average rating of “Buy” and an average price target of $7.42.
About Orla Mining
Orla Mining Ltd. engages in the acquisition, exploration, development, and operation of mineral properties. Its project portfolio includes Cerro Quema in Panama and Camino Rojo in Mexico. The company was founded on May 31, 2007 and is headquartered in Vancouver, Canada.
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