Short Interest in Contango Ore, Inc. (NYSEAMERICAN:CTGO) Decreases By 9.5%

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 452,900 shares, a drop of 9.5% from the October 15th total of 500,400 shares. Based on an average daily volume of 75,400 shares, the short-interest ratio is currently 6.0 days. Approximately 6.2% of the company’s shares are short sold.

Contango Ore Stock Performance

CTGO stock traded up $0.25 on Tuesday, hitting $18.64. 22,594 shares of the company’s stock were exchanged, compared to its average volume of 58,816. Contango Ore has a 12-month low of $14.03 and a 12-month high of $25.32.

Insider Activity

In other news, Director Joseph S. Compofelice sold 7,460 shares of Contango Ore stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $21.14, for a total value of $157,704.40. Following the transaction, the director now directly owns 148,498 shares in the company, valued at approximately $3,139,247.72. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Aaron Clark sold 1,375 shares of Contango Ore stock in a transaction on Monday, August 26th. The shares were sold at an average price of $21.66, for a total value of $29,782.50. Following the completion of the transaction, the chief financial officer now owns 26,092 shares in the company, valued at $565,152.72. This represents a 5.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.80% of the company’s stock.

Institutional Trading of Contango Ore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTGO. Geode Capital Management LLC lifted its position in Contango Ore by 58.7% during the 3rd quarter. Geode Capital Management LLC now owns 219,696 shares of the company’s stock worth $4,233,000 after acquiring an additional 81,227 shares during the period. State Street Corp lifted its holdings in shares of Contango Ore by 11.3% in the 3rd quarter. State Street Corp now owns 156,606 shares of the company’s stock valued at $3,016,000 after buying an additional 15,859 shares during the period. Jane Street Group LLC acquired a new position in Contango Ore in the third quarter valued at approximately $273,000. Fore Capital LLC purchased a new stake in Contango Ore in the 2nd quarter worth approximately $201,000. Finally, Barclays PLC grew its stake in shares of Contango Ore by 372.7% during the 3rd quarter. Barclays PLC now owns 13,987 shares of the company’s stock worth $270,000 after purchasing an additional 11,028 shares during the period. Institutional investors and hedge funds own 19.14% of the company’s stock.

Analyst Ratings Changes

Separately, Roth Mkm lifted their price target on 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.