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

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 383,600 shares, a decrease of 9.9% from the August 31st total of 425,800 shares. Based on an average trading volume of 81,500 shares, the days-to-cover ratio is currently 4.7 days. Approximately 5.3% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, Director Joseph S. Compofelice sold 7,460 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were 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 of the company’s stock, valued at $3,139,247.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Michael Aaron Clark sold 1,375 shares of the 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph S. Compofelice sold 7,460 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 148,498 shares in the company, valued at approximately $3,139,247.72. The disclosure for this sale can be found here. Insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Contango Ore

Several institutional investors have recently made changes to their positions in the stock. Mather Group LLC. bought a new stake in Contango Ore during the first quarter worth about $28,000. Rhumbline Advisers raised its position in shares of Contango Ore by 55.1% in the 2nd quarter. Rhumbline Advisers now owns 9,565 shares of the company’s stock valued at $173,000 after buying an additional 3,397 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Contango Ore during the 2nd quarter worth approximately $185,000. Fore Capital LLC acquired a new stake in shares of Contango Ore during the 2nd quarter worth approximately $201,000. Finally, Bank of New York Mellon Corp boosted its position in shares of 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. 19.14% of the stock is currently owned by institutional investors.

Contango Ore Price Performance

Shares of CTGO traded up $0.02 during midday trading on Friday, reaching $19.52. 88,908 shares of the stock were exchanged, 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 data 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). On average, equities research analysts predict that Contango Ore will post -2.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Roth Mkm cut their price objective on shares of Contango Ore from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

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.