Short Interest in Contango Ore, Inc. (NYSEAMERICAN:CTGO) Drops By 6.6%

Contango Ore, Inc. (NYSEAMERICAN:CTGO) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 188,600 shares, a decrease of 6.6% from the March 15th total of 201,900 shares. Currently, 3.7% of the company’s stock are sold short. Based on an average trading volume of 24,400 shares, the short-interest ratio is presently 7.7 days.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CTGO shares. Cormark started coverage on shares of Contango Ore in a research note on Friday, March 22nd. They set a “buy” rating and a $27.50 price target for the company. Roth Mkm restated a “buy” rating and set a $38.00 price target on shares of Contango Ore in a research note on Monday, March 25th. Finally, Fundamental Research set a $23.22 price target on shares of Contango Ore and gave the stock a “buy” rating in a research note on Tuesday, February 13th.

Contango Ore Price Performance

NYSEAMERICAN:CTGO traded down $0.37 during trading hours on Tuesday, reaching $21.10. The company’s stock had a trading volume of 12,164 shares, compared to its average volume of 24,846. The stock has a market cap of $202.56 million, a PE ratio of -3.56 and a beta of 0.56. Contango Ore has a 1 year low of $14.03 and a 1 year high of $33.67. The company has a quick ratio of 4.02, a current ratio of 4.02 and a debt-to-equity ratio of 2.98.

Insider Buying and Selling

In related news, Director Joseph S. Compofelice sold 2,920 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $20.60, for a total value of $60,152.00. Following the sale, the director now owns 160,958 shares in the company, valued at approximately $3,315,734.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph S. Compofelice sold 2,920 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $20.60, for a total value of $60,152.00. Following the sale, the director now owns 160,958 shares in the company, valued at approximately $3,315,734.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nieuwenhuyse Rick Van sold 6,163 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $20.06, for a total transaction of $123,629.78. Following the completion of the sale, the chief executive officer now directly owns 493,733 shares of the company’s stock, valued at $9,904,283.98. The disclosure for this sale can be found here. Insiders have sold 29,045 shares of company stock worth $605,171 in the last quarter. Insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Contango Ore

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Contango Ore by 633.2% in the third quarter. Vanguard Group Inc. now owns 358,613 shares of the company’s stock valued at $6,505,000 after acquiring an additional 309,705 shares during the period. BlackRock Inc. increased its position in shares of Contango Ore by 701.6% in the second quarter. BlackRock Inc. now owns 173,404 shares of the company’s stock valued at $4,418,000 after acquiring an additional 151,772 shares during the period. Sprott Inc. increased its position in shares of Contango Ore by 38.0% in the fourth quarter. Sprott Inc. now owns 363,200 shares of the company’s stock valued at $8,325,000 after acquiring an additional 100,000 shares during the period. State Street Corp purchased a new position in shares of Contango Ore in the second quarter valued at about $1,341,000. Finally, Geode Capital Management LLC increased its position in shares of Contango Ore by 227.7% in the second quarter. Geode Capital Management LLC now owns 61,538 shares of the company’s stock valued at $1,568,000 after acquiring an additional 42,762 shares during the period. Hedge funds and other institutional investors 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.