Contango ORE (NYSEAMERICAN:CTGO) Stock Crosses Below 200-Day Moving Average - Should You Sell?

Key Points

• Contango ORE shares fell below their 200-day moving average, reaching $14.67 before closing at $15.02, compared with a 200-day average of $18.90.
• Analyst sentiment remains positive: two analysts rate the stock Buy and one rates it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $32.00.
• The company reported quarterly earnings of $0.14 per share, beating the consensus estimate of a $0.04 loss; Contango focuses on Alaska-based gold and precious-metal projects, including its minority stake in the Peak Gold joint venture.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report)'s share price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $18.90 and traded as low as $14.67. Contango ORE shares last traded at $15.02, with a volume of 198,587 shares.

Analyst Ratings Changes

Separately, National Bank Financial started coverage on Contango ORE in a research report on Thursday, October 8th. They issued an "outperform" rating on the stock. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Contango ORE currently has a consensus rating of "Moderate Buy" and an average target price of $32.00.

Contango ORE Trading Down 0.1%

The firm's 50 day moving average is $18.24 and its 200 day moving average is $18.90. The company has a market cap of $503.17 million, a PE ratio of -5.11 and a beta of 0.13. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.18. On average, equities analysts anticipate that Contango ORE, Inc. will post 0.40 earnings per share for the current year.

Insider Buying and Selling at Contango ORE

In other news, CFO Michael Aaron Clark sold 1,289 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 54,709 shares in the company, valued at approximately $1,145,606.46. The trade was a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.40% of the company's stock.

Institutional Trading of Contango ORE

Several institutional investors have recently added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Contango ORE in the third quarter worth approximately $32,000. Strs Ohio boosted its holdings in shares of Contango ORE by 154.5% during the first 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 stake in shares of Contango ORE in the second quarter worth about $157,000. Squarepoint Ops LLC bought a new stake in shares of Contango ORE in the second quarter worth about $165,000. Finally, Cetera Investment Advisers bought a new stake in shares of Contango ORE in the first quarter worth about $204,000. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

About Contango ORE

Contango ORE, Inc is an Alaska-focused mineral exploration and development company engaged primarily in the discovery and advancement of gold and other precious-metal assets. The company's activities include geological exploration, resource evaluation, permitting and project development.

Contango's principal asset is its interest in the Peak Gold joint venture in Alaska, which includes the Manh Choh gold project near Tok. Under the joint venture structure, Contango owns a minority interest while Kinross Gold Corporation serves as operator.

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