Short Interest in Contango Ore, Inc. (NYSEAMERICAN:CTGO) Declines By 10.3%

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 425,800 shares, a decline of 10.3% from the August 15th total of 474,900 shares. Approximately 5.9% of the company’s stock are short sold. Based on an average daily volume of 79,800 shares, the short-interest ratio is presently 5.3 days.

Contango Ore Stock Performance

Contango Ore stock traded down $0.15 during mid-day trading on Tuesday, hitting $20.12. The company’s stock had a trading volume of 50,581 shares, compared to its average volume of 52,294. Contango Ore has a twelve month low of $14.03 and a twelve month high of $25.32.

Contango Ore (NYSEAMERICAN:CTGO) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.40) by ($0.50). Equities research analysts forecast that Contango Ore will post -2.98 earnings per share for the current year.

Insider Transactions at Contango Ore

In related news, CFO Michael Aaron Clark sold 1,375 shares of the 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 completion of the transaction, the chief financial officer now owns 26,092 shares of the company’s stock, valued at $565,152.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 owns 26,092 shares of the company’s stock, valued at $565,152.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph S. Compofelice sold 7,460 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 148,498 shares in the company, valued at approximately $3,139,247.72. The disclosure for this sale can be found here. Corporate insiders own 17.80% of the company’s stock.

Institutional Trading of Contango Ore

Hedge funds have recently made changes to their positions in the stock. Mather Group LLC. purchased a new position in Contango Ore in the first quarter valued at about $28,000. Rhumbline Advisers grew its stake 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 acquired a new position in Contango Ore in the second quarter worth approximately $185,000. Fore Capital LLC bought a new position in Contango Ore during the second quarter valued at approximately $201,000. Finally, Bank of New York Mellon Corp raised its position 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 in the last quarter. 19.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.