Contango Ore, Inc. (NYSEAMERICAN:CTGO) Sees Large Drop in Short Interest

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

Contango Ore Stock Up 0.2 %

NYSEAMERICAN:CTGO traded up $0.03 on Monday, reaching $18.39. The stock had a trading volume of 76,813 shares, compared to its average volume of 58,979. Contango Ore has a 1-year low of $14.03 and a 1-year high of $25.32. The firm has a market cap of $224.73 million, a PE ratio of -2.35 and a beta of 0.57.

Insiders Place Their Bets

In other news, Director Joseph S. Compofelice sold 7,460 shares of Contango Ore stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $21.14, for a total value of $157,704.40. Following the completion of the transaction, the director now owns 148,498 shares in the company, valued at approximately $3,139,247.72. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Aaron Clark sold 1,375 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.66, for a total value of $29,782.50. Following 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.

Hedge Funds Weigh In On Contango Ore

Several large investors have recently bought and sold shares of CTGO. Geode Capital Management LLC increased its stake in Contango Ore by 58.7% in the third quarter. Geode Capital Management LLC now owns 219,696 shares of the company’s stock valued at $4,233,000 after purchasing an additional 81,227 shares in the last quarter. Barclays PLC lifted its stake in Contango Ore by 372.7% in the third quarter. Barclays PLC now owns 13,987 shares of the company’s stock valued at $270,000 after acquiring an additional 11,028 shares during the last quarter. Jane Street Group LLC acquired a new stake in Contango Ore in the third quarter valued at $273,000. State Street Corp lifted its stake in Contango Ore by 11.3% in the third quarter. State Street Corp now owns 156,606 shares of the company’s stock valued at $3,016,000 after acquiring an additional 15,859 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Contango Ore during the 3rd quarter worth about $57,000. 19.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Contango Ore

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.