Contango ORE (NYSEAMERICAN:CTGO) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Contango ORE has been upgraded by Zacks Research from a "hold" rating to a "strong-buy," indicating increased confidence in the stock's performance.
• Roth Capital has set a price target of $35.00 for Contango ORE's shares, with an average target price of $33.89 from analysts.
• Insider trading activity shows significant stock sales by executives, with a total of 14.40% of shares owned by company insiders.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

Separately, Roth Capital reissued a "buy" rating and issued a $35.00 price target on shares of Contango ORE in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $33.89.

Contango ORE Stock Performance

Shares of CTGO stock opened at $24.43 on Wednesday. Contango ORE has a fifty-two week low of $8.85 and a fifty-two week high of $25.88. The stock's fifty day moving average is $21.83 and its two-hundred day moving average is $18.09. The firm has a market capitalization of $317.35 million, a P/E ratio of -90.48 and a beta of -0.08.

Insiders Place Their Bets

In other Contango ORE news, 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 trade represents a 4.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard Shortz sold 33,150 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $21.08, for a total transaction of $698,802.00. Following the sale, the director owned 84,050 shares of the company's stock, valued at approximately $1,771,774. The trade was a 28.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.40% of the stock is owned by company insiders.

Institutional Trading of Contango ORE

A number of hedge funds and other institutional investors have recently made changes to their positions in CTGO. GAMMA Investing LLC grew its holdings in shares of Contango ORE by 4,016.7% during the 1st quarter. GAMMA Investing LLC now owns 1,235 shares of the company's stock worth $121,000 after purchasing an additional 1,205 shares during the period. Tower Research Capital LLC TRC lifted its position in Contango ORE by 141.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company's stock valued at $44,000 after buying an additional 1,327 shares during the last quarter. Bank of America Corp DE boosted its stake in Contango ORE by 22.6% during the second quarter. Bank of America Corp DE now owns 8,038 shares of the company's stock worth $157,000 after buying an additional 1,481 shares during the period. Bank of New York Mellon Corp boosted its stake in Contango ORE by 11.1% during the first quarter. Bank of New York Mellon Corp now owns 24,878 shares of the company's stock worth $254,000 after buying an additional 2,494 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Contango ORE by 24.1% during the second quarter. Rhumbline Advisers now owns 13,838 shares of the company's stock valued at $270,000 after acquiring an additional 2,690 shares during the last quarter. Institutional investors and hedge funds 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.

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