Contango Ore, Inc. (NYSEAMERICAN:CTGO) Short Interest Update

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

Analysts Set New Price Targets

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

Insider Transactions at Contango Ore

In related news, Director Joseph S. Compofelice sold 7,460 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $21.14, for a total transaction of $157,704.40. Following the transaction, the director now owns 148,498 shares of the company’s stock, valued at $3,139,247.72. This represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michael Aaron Clark sold 1,375 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.66, for a total transaction of $29,782.50. Following the sale, the chief financial officer now owns 26,092 shares in the company, valued at $565,152.72. The trade was a 5.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Contango Ore

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in Contango Ore by 58.7% during the 3rd quarter. Geode Capital Management LLC now owns 219,696 shares of the company’s stock worth $4,233,000 after purchasing an additional 81,227 shares in the last quarter. State Street Corp grew its holdings in shares of Contango Ore by 11.3% during the third quarter. State Street Corp now owns 156,606 shares of the company’s stock worth $3,016,000 after buying an additional 15,859 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Contango Ore in the third quarter valued at approximately $273,000. Fore Capital LLC acquired a new position in shares of Contango Ore in the second quarter valued at approximately $201,000. Finally, Barclays PLC lifted its stake in shares of Contango Ore by 372.7% during the third quarter. Barclays PLC now owns 13,987 shares of the company’s stock valued at $270,000 after buying an additional 11,028 shares during the period. 19.14% of the stock is owned by institutional investors and hedge funds.

Contango Ore Price Performance

Shares of Contango Ore stock traded up $0.03 during trading on Monday, hitting $18.39. 76,960 shares of the company were exchanged, compared to its average volume of 58,979. The company has a market capitalization of $224.73 million, a P/E ratio of -2.38 and a beta of 0.57. Contango Ore has a fifty-two week low of $14.03 and a fifty-two week high of $25.32.

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.