Contango Ore, Inc. (NYSEAMERICAN:CTGO) Sees Significant Decline in Short Interest

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 452,900 shares, a drop of 9.5% from the October 15th total of 500,400 shares. Currently, 6.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 75,400 shares, the days-to-cover ratio is presently 6.0 days.

Insider Buying and Selling at Contango Ore

In other Contango Ore news, Director Joseph S. Compofelice sold 7,460 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $21.14, for a total transaction of $157,704.40. Following the completion of the sale, the director now owns 148,498 shares in the company, valued at approximately $3,139,247.72. The trade was a 4.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Aaron Clark sold 1,375 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.66, for a total transaction of $29,782.50. Following the completion of the sale, the chief financial officer now owns 26,092 shares of the company’s stock, valued at approximately $565,152.72. The trade was a 5.01 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.80% of the company’s stock.

Institutional Trading of Contango Ore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in Contango Ore in the third quarter valued at approximately $57,000. Rhumbline Advisers raised its holdings in shares of Contango Ore by 55.1% during the second quarter. Rhumbline Advisers now owns 9,565 shares of the company’s stock worth $173,000 after purchasing an additional 3,397 shares during the last quarter. Marshall Wace LLP acquired a new stake in Contango Ore during the second quarter valued at $185,000. Fore Capital LLC acquired a new stake in Contango Ore during the second quarter valued at $201,000. Finally, Barclays PLC grew its position in Contango Ore by 372.7% during the third quarter. Barclays PLC now owns 13,987 shares of the company’s stock valued at $270,000 after buying an additional 11,028 shares during the period. 19.14% of the stock is owned by hedge funds and other institutional investors.

Contango Ore Stock Performance

NYSEAMERICAN:CTGO traded up $0.03 during mid-day trading on Monday, reaching $18.39. The company’s stock had a trading volume of 76,813 shares, compared to its average volume of 58,979. The firm has a market cap of $224.73 million, a price-to-earnings ratio of -2.35 and a beta of 0.57. Contango Ore has a 12-month low of $14.03 and a 12-month high of $25.32.

Analyst Upgrades and Downgrades

Separately, Roth Mkm boosted their target price on Contango Ore from $33.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 11th.

Contango Ore Company Profile

Contango Ore, Inc, an exploration stage company, engages in the exploration and development of mineral properties in Alaska, the United States. It primarily explores for gold, silver, and copper ores. The company was founded in 2009 and is headquartered in Fairbanks, Alaska.