Contango Ore (NYSEAMERICAN:CTGO) Stock Passes Above 50-Day Moving Average – What’s Next?

Contango Ore, Inc. (NYSEAMERICAN:CTGO)’s share price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $0.00 and traded as high as $23.84. Contango Ore shares last traded at $23.76, with a volume of 286,534 shares traded.

Analyst Ratings Changes

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 Stock Up 12.4 %

The company has a market cap of $290.35 million, a PE ratio of -2.80 and a beta of 0.59.

Contango Ore (NYSEAMERICAN:CTGO) last announced its earnings results on Tuesday, August 13th. The company reported ($1.90) earnings per share for the quarter, missing the consensus estimate of ($1.40) by ($0.50). As a group, analysts predict that Contango Ore, Inc. will post -2.98 earnings per share for the current year.

Insider Activity at Contango Ore

In other news, CFO Michael Aaron Clark sold 1,375 shares of the 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Contango Ore news, Director Joseph S. Compofelice sold 7,460 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was 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 of the company’s stock, valued at approximately $3,139,247.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Aaron Clark sold 1,375 shares of the company’s stock in a transaction dated 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 $565,152.72. This represents a 0.00 % decrease in their ownership of the stock. 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 hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Contango Ore by 4.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 22,652 shares of the company’s stock worth $409,000 after acquiring an additional 966 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Contango Ore during the first quarter worth $28,000. Rhumbline Advisers lifted its position 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 in the last quarter. Wittenberg Investment Management Inc. grew its holdings in Contango Ore by 21.5% during the 1st quarter. Wittenberg Investment Management Inc. now owns 29,550 shares of the company’s stock valued at $587,000 after purchasing an additional 5,227 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Contango Ore during the 2nd quarter worth $185,000. 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.