Collective Mining (NASDAQ:CNL) Downgraded by Zacks Research to “Strong Sell”

Collective Mining (NASDAQ:CNL) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday, Zacks reports.

Separately, Weiss Ratings began coverage on shares of Collective Mining in a research report on Thursday, August 13th. They set a “sell (d-)” rating on the stock. Two research analysts have rated the stock with a Sell rating. According to MarketBeat.com, Collective Mining presently has a consensus rating of “Sell”.

Collective Mining Trading Down 6.1%

CNL opened at $10.87 on Tuesday. The business has a 50-day moving average price of $13.91. Collective Mining has a 12-month low of $9.77 and a 12-month high of $21.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.99 and a quick ratio of 3.99. The stock has a market cap of $1.01 billion, a PE ratio of -16.98 and a beta of -0.61.

Hedge Funds Weigh In On Collective Mining

Several hedge funds and other institutional investors have recently modified their holdings of CNL. Public Employees Retirement System of Ohio bought a new position in shares of Collective Mining in the 2nd quarter worth approximately $155,000. Bank of America Corp DE purchased a new position in shares of Collective Mining during the second quarter valued at approximately $1,375,000. Finally, Groupe la Francaise lifted its holdings in shares of Collective Mining by 8.5% during the second quarter. Groupe la Francaise now owns 510,000 shares of the company’s stock valued at $6,278,000 after purchasing an additional 40,000 shares during the last quarter.

About Collective Mining

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.