Collective Mining (NYSEAMERICAN:CNL) Shares Gap Down Following Analyst Downgrade

Shares of Collective Mining Ltd. (NYSEAMERICAN:CNL) gapped down before the market opened on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $12.99, but opened at $12.65. Collective Mining shares last traded at $12.68, with a volume of 3,312 shares trading hands.

Hedge Funds Weigh In On Collective Mining

Several institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in shares of Collective Mining in the 2nd quarter valued at about $61,000. Pictet Asset Management Holding SA boosted its holdings in shares of Collective Mining by 6.3% during the first quarter. Pictet Asset Management Holding SA now owns 10,923 shares of the company’s stock worth $191,000 after purchasing an additional 649 shares during the period. Groupe la Francaise boosted its holdings in shares of Collective Mining by 88.0% during the first quarter. Groupe la Francaise now owns 470,000 shares of the company’s stock worth $8,227,000 after purchasing an additional 220,000 shares during the period. Finally, Amundi grew its position in Collective Mining by 4.6% during the first quarter. Amundi now owns 760,602 shares of the company’s stock valued at $13,394,000 after purchasing an additional 33,239 shares in the last quarter.

Collective Mining Stock Down 4.6%

The company has a market capitalization of $1.09 billion, a PE ratio of -22.15 and a beta of -0.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.77 and a quick ratio of 4.77. The business’s 50-day moving average is $14.49.

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.