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

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the target of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 383,600 shares, a decline of 9.9% from the August 31st total of 425,800 shares. Based on an average daily volume of 81,500 shares, the short-interest ratio is presently 4.7 days. Approximately 5.3% of the shares of the company are sold short.

Contango Ore Stock Up 0.1 %

Shares of NYSEAMERICAN:CTGO traded up $0.02 during trading on Friday, reaching $19.52. The company had a trading volume of 88,908 shares, compared to its average volume of 57,394. Contango Ore has a twelve month low of $14.03 and a twelve month high of $25.32.

Contango Ore (NYSEAMERICAN:CTGO) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.40) by ($0.50). On average, analysts expect that Contango Ore will post -2.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Roth Mkm reduced their target price on shares of Contango Ore from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, August 9th.

Insider Activity

In other news, CFO Michael Aaron Clark sold 1,375 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $21.66, for a total transaction of $29,782.50. Following the transaction, the chief financial officer now directly owns 26,092 shares in the company, valued at $565,152.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Joseph S. Compofelice sold 7,460 shares of the firm’s stock in a transaction on 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 $3,139,247.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Michael Aaron Clark sold 1,375 shares of Contango Ore 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 transaction, the chief financial officer now owns 26,092 shares of the company’s stock, valued at $565,152.72. The disclosure for this sale can be found here. Corporate insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Contango Ore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTGO. Marshall Wace LLP bought a new stake in Contango Ore in the 2nd quarter valued at $185,000. Fore Capital LLC bought a new stake in shares of Contango Ore in the second quarter valued at about $201,000. Rhumbline Advisers grew its position in 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 buying an additional 3,397 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Contango Ore by 4.5% during the second quarter. Bank of New York Mellon Corp now owns 22,652 shares of the company’s stock valued at $409,000 after acquiring an additional 966 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Contango Ore by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 172,461 shares of the company’s stock valued at $3,423,000 after acquiring an additional 10,848 shares in the last quarter. Institutional investors and hedge funds own 19.14% of the company’s stock.

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.