Short Interest in Contango ORE, Inc. (NYSEAMERICAN:CTGO) Expands By 23.6%

Key Points

• Contango ORE, Inc. experienced a significant increase in short interest, rising 23.6% to 574,000 shares as of July 31, with 6.9% of its shares currently short sold.
• The firm's stock opened at $20.84, with a market cap of $264.04 million and a 52-week trading range of $8.85 to $23.95.
• Insider sales were noted, with CFO Michael Aaron Clark selling 2,822 shares and Director Richard Shortz selling 33,150 shares on August 18, indicating a potential reduction in confidence among company executives.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report) was the target of a large increase in short interest in July. As of July 31st, there was short interest totaling 574,000 shares, anincreaseof23.6% from the July 15th total of 464,500 shares. Approximately6.9% of the shares of the company are short sold. Based on an average trading volume of 96,200 shares, the short-interest ratio is presently 6.0 days. Based on an average trading volume of 96,200 shares, the short-interest ratio is presently 6.0 days. Approximately6.9% of the shares of the company are short sold.

Contango ORE Price Performance

CTGO stock traded down $0.06 during trading hours on Wednesday, hitting $21.08. 47,099 shares of the stock traded hands, compared to its average volume of 85,168. The stock has a 50-day simple moving average of $20.31 and a 200 day simple moving average of $15.48. Contango ORE has a one year low of $8.85 and a one year high of $23.95. The company has a market cap of $267.08 million, a P/E ratio of -78.07 and a beta of -0.16. The company has a current ratio of 0.47, a quick ratio of 0.46 and a debt-to-equity ratio of 20.71.

Insider Activity at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 2,822 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $21.66, for a total value of $61,124.52. Following the sale, the chief financial officer directly owned 59,970 shares of the company's stock, valued at $1,298,950.20. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard Shortz sold 33,150 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $21.08, for a total value of $698,802.00. Following the completion of the sale, the director directly owned 84,050 shares in the company, valued at $1,771,774. This represents a 28.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 14.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Marshall Wace LLP grew its stake in Contango ORE by 465.2% in the fourth quarter. Marshall Wace LLP now owns 70,438 shares of the company's stock valued at $706,000 after purchasing an additional 57,976 shares in the last quarter. Raffles Associates LP grew its stake in Contango ORE by 281.5% in the fourth quarter. Raffles Associates LP now owns 46,554 shares of the company's stock valued at $466,000 after purchasing an additional 34,351 shares in the last quarter. Jane Street Group LLC purchased a new position in Contango ORE in the second quarter valued at about $630,000. XTX Topco Ltd purchased a new position in Contango ORE in the second quarter valued at about $593,000. Finally, Bridgeway Capital Management LLC purchased a new position in Contango ORE in the fourth quarter valued at about $200,000. 19.14% of the stock is owned by institutional investors and hedge funds.

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.