Contango ORE (NYSEAMERICAN:CTGO) Stock Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Contango ORE's stock price recently climbed above its 50-day moving average, reaching $24.00, with a significant trading volume of 271,121 shares.
• Insider transactions reveal a decrease in ownership, with CFO Michael Aaron Clark selling 2,822 shares and Director Richard Shortz selling 33,150 shares of their stock on August 18th.
• Institutional investors have been actively trading shares, with Gabelli Funds LLC increasing its stake by 18.8% in the first quarter, reflecting growing interest in the company.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report)'s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $20.78 and traded as high as $24.04. Contango ORE shares last traded at $24.00, with a volume of 271,121 shares traded.

Contango ORE Stock Up 0.4%

The company has a quick ratio of 0.46, a current ratio of 0.47 and a debt-to-equity ratio of 20.71. The stock has a 50-day simple moving average of $21.08 and a 200-day simple moving average of $17.07. The firm has a market capitalization of $304.08 million, a PE ratio of -88.89 and a beta of -0.17.

Insiders Place Their Bets

In other Contango ORE news, Director Richard Shortz sold 33,150 shares of the firm's 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 of the company's stock, valued at $1,771,774. This trade represents a 28.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael Aaron Clark sold 2,822 shares of the firm's 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 completion of the sale, the chief financial officer directly owned 59,970 shares of the company's stock, valued at $1,298,950.20. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 14.40% of the company's stock.

Institutional Investors Weigh In On Contango ORE

Several large investors have recently added to or reduced their stakes in the business. Deutsche Bank AG lifted its stake in shares of Contango ORE by 93.6% in the 4th quarter. Deutsche Bank AG now owns 8,023 shares of the company's stock valued at $80,000 after acquiring an additional 3,879 shares during the last quarter. Nuveen LLC bought a new stake in shares of Contango ORE in the 1st quarter valued at about $139,000. Northern Trust Corp lifted its stake in shares of Contango ORE by 2.9% in the 4th quarter. Northern Trust Corp now owns 86,882 shares of the company's stock valued at $871,000 after acquiring an additional 2,482 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Contango ORE by 4,016.7% in the 1st quarter. GAMMA Investing LLC now owns 1,235 shares of the company's stock valued at $121,000 after acquiring an additional 1,205 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Contango ORE by 11.1% in the 1st quarter. Bank of New York Mellon Corp now owns 24,878 shares of the company's stock valued at $254,000 after acquiring an additional 2,494 shares during the last quarter. 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.