Contango ORE (NYSEAMERICAN:CTGO) Shares Gap Down - Time to Sell?

Key Points

• Contango ORE shares fell at the open, dropping from a prior close of $18.55 to $17.50 and last trading at $17.8740. The stock remains below its 50-day and 200-day moving averages of $18.57 and $19.40, respectively.
• The company reported quarterly earnings of $0.14 per share, beating analysts’ expectation of a $0.04 loss; analysts expect full-year earnings of approximately $0.40 per share.
• Insider ownership stands at 5.40%, while hedge funds and other institutions own 19.14% of the stock. CFO Michael Aaron Clark recently sold 1,289 shares, reducing his holdings by 2.30%.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report) gapped down before the market opened on Monday. The stock had previously closed at $18.55, but opened at $17.50. Contango ORE shares last traded at $17.8740, with a volume of 37,730 shares traded.

Contango ORE Price Performance

The firm has a market capitalization of $576.87 million, a P/E ratio of -5.87 and a beta of 0.04. The firm has a 50 day moving average price of $18.57 and a 200-day moving average price of $19.40. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.06.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.18. On average, analysts expect that Contango ORE, Inc. will post 0.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Michael Aaron Clark sold 1,289 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total value of $26,991.66. Following the sale, the chief financial officer owned 54,709 shares of the company's stock, valued at approximately $1,145,606.46. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Contango ORE

Large investors have recently made changes to their positions in the company. Strs Ohio raised its position in Contango ORE by 154.5% in the 1st quarter. Strs Ohio now owns 2,800 shares of the company's stock worth $52,000 after purchasing an additional 1,700 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Contango ORE during the second quarter valued at approximately $157,000. Squarepoint Ops LLC bought a new position in shares of Contango ORE during the second quarter valued at approximately $165,000. Cetera Investment Advisers purchased a new stake in shares of Contango ORE in the first quarter worth approximately $204,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Contango ORE by 26.0% in the first quarter. Bank of New York Mellon Corp now owns 44,579 shares of the company's stock worth $836,000 after buying an additional 9,210 shares during the period. 19.14% of the stock is owned by hedge funds and other institutional investors.

Contango ORE Company Profile

Contango ORE, Inc is a mineral exploration and development company focused on gold and other metal projects in Alaska. The company's activities include acquiring, exploring, advancing and developing mineral properties, with an emphasis on projects that may support future mining operations.

Contango's principal asset is its interest in the Peak Gold joint venture in the Tetlin region of eastern Alaska. The joint venture includes the Manh Choh gold project, which is operated by Kinross Gold Corporation.

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