Contango Ore, Inc. (NYSEAMERICAN:CTGO) Sees Significant Drop in Short Interest

Contango Ore, Inc. (NYSEAMERICAN:CTGO - Get Free Report) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 188,600 shares, a decline of 6.6% from the March 15th total of 201,900 shares. Currently, 3.7% of the company's shares are short sold. Based on an average daily volume of 24,400 shares, the short-interest ratio is presently 7.7 days.

Insider Transactions at Contango Ore

In related news, Director Joseph S. Compofelice sold 5,826 shares of Contango Ore stock in a transaction on Monday, March 18th. The shares were sold at an average price of $22.00, for a total transaction of $128,172.00. Following the completion of the transaction, the director now owns 163,878 shares of the company's stock, valued at $3,605,316. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Contango Ore news, Director Joseph S. Compofelice sold 5,826 shares of Contango Ore stock in a transaction on Monday, March 18th. The shares were sold at an average price of $22.00, for a total value of $128,172.00. Following the completion of the sale, the director now directly owns 163,878 shares of the company's stock, valued at $3,605,316. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph S. Compofelice sold 2,920 shares of the business's stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $20.60, for a total transaction of $60,152.00. Following the sale, the director now directly owns 160,958 shares of the company's stock, valued at $3,315,734.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,045 shares of company stock worth $605,171. Company insiders own 17.80% of the company's stock.

Institutional Trading of Contango Ore

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Contango Ore by 633.2% in the third quarter. Vanguard Group Inc. now owns 358,613 shares of the company's stock valued at $6,505,000 after buying an additional 309,705 shares during the period. BlackRock Inc. raised its stake in shares of Contango Ore by 701.6% during the second quarter. BlackRock Inc. now owns 173,404 shares of the company's stock valued at $4,418,000 after purchasing an additional 151,772 shares during the period. Sprott Inc. raised its stake in shares of Contango Ore by 38.0% during the fourth quarter. Sprott Inc. now owns 363,200 shares of the company's stock valued at $8,325,000 after purchasing an additional 100,000 shares during the period. State Street Corp purchased a new stake in shares of Contango Ore during the second quarter valued at approximately $1,341,000. Finally, Geode Capital Management LLC raised its stake in shares of Contango Ore by 227.7% during the second quarter. Geode Capital Management LLC now owns 61,538 shares of the company's stock valued at $1,568,000 after purchasing an additional 42,762 shares during the period. Hedge funds and other institutional investors own 19.14% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Cormark assumed coverage on Contango Ore in a research note on Friday, March 22nd. They issued a "buy" rating and a $27.50 target price on the stock. Fundamental Research set a $23.22 price objective on Contango Ore and gave the company a "buy" rating in a research report on Tuesday, February 13th. Finally, Roth Mkm reiterated a "buy" rating and set a $38.00 target price on shares of Contango Ore in a report on Monday, March 25th.

Contango Ore Price Performance

Shares of Contango Ore stock traded down $0.46 on Tuesday, reaching $21.01. The company had a trading volume of 27,047 shares, compared to its average volume of 25,057. The company has a market capitalization of $201.70 million, a price-to-earnings ratio of -3.48 and a beta of 0.56. Contango Ore has a 52-week low of $14.03 and a 52-week high of $33.67. The company has a debt-to-equity ratio of 2.98, a quick ratio of 4.02 and a current ratio of 4.02.

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.