Contango Ore, Inc. (NYSEAMERICAN:CTGO) Sees Large Increase in Short Interest

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 567,700 shares, an increase of 9.4% from the December 15th total of 519,100 shares. Based on an average daily volume of 107,700 shares, the short-interest ratio is presently 5.3 days. Approximately 7.4% of the company’s shares are sold short.

Insiders Place Their Bets

In related news, Director John B. Juneau purchased 8,300 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $11.83 per share, for a total transaction of $98,189.00. Following the completion of the acquisition, the director now owns 319,411 shares in the company, valued at $3,778,632.13. This trade represents a 2.67 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 17.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its holdings in shares of Contango Ore by 207.2% in the 3rd quarter. Franklin Resources Inc. now owns 224,709 shares of the company’s stock worth $4,393,000 after purchasing an additional 151,559 shares during the last quarter. Geode Capital Management LLC boosted its position in Contango Ore by 58.7% in the third quarter. Geode Capital Management LLC now owns 219,696 shares of the company’s stock valued at $4,233,000 after buying an additional 81,227 shares in the last quarter. State Street Corp grew its stake in Contango Ore by 11.3% during the third quarter. State Street Corp now owns 156,606 shares of the company’s stock worth $3,016,000 after buying an additional 15,859 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Contango Ore by 27.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 26,389 shares of the company’s stock worth $508,000 after buying an additional 5,630 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Contango Ore by 4.5% in the second quarter. Bank of New York Mellon Corp now owns 22,652 shares of the company’s stock valued at $409,000 after acquiring an additional 966 shares during the last quarter. Institutional investors own 19.14% of the company’s stock.

Contango Ore Trading Up 5.7 %

CTGO opened at $11.46 on Monday. The company has a market cap of $140.16 million, a PE ratio of -1.47 and a beta of 0.54. Contango Ore has a 1 year low of $9.65 and a 1 year high of $25.32.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm raised their price target on shares of Contango Ore from $33.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 11th.

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.