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

Contango Ore, Inc. (NYSEAMERICAN:CTGO) saw a large increase in short interest in the month of 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. Approximately 7.4% of the shares of the company are sold short. Based on an average daily volume of 107,700 shares, the days-to-cover ratio is presently 5.3 days.

Insider Activity

In related news, Director John B. Juneau acquired 8,300 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were purchased 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 directly owns 319,411 shares in the company, valued at approximately $3,778,632.13. This trade represents a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Contango Ore

Institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new stake in Contango Ore during the third quarter worth about $40,000. Quantbot Technologies LP bought a new position in Contango Ore in the third quarter valued at approximately $57,000. JPMorgan Chase & Co. increased its stake in Contango Ore by 32.0% in the third quarter. JPMorgan Chase & Co. now owns 4,657 shares of the company’s stock valued at $90,000 after acquiring an additional 1,129 shares during the last quarter. Rhumbline Advisers raised its position in Contango Ore by 55.1% during the second quarter. Rhumbline Advisers now owns 9,565 shares of the company’s stock valued at $173,000 after purchasing an additional 3,397 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Contango Ore during the second quarter worth $185,000. 19.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Contango Ore Stock Up 5.7 %

NYSEAMERICAN CTGO traded up $0.62 during trading on Friday, reaching $11.46. The company’s stock had a trading volume of 83,977 shares, compared to its average volume of 111,618. Contango Ore has a 12 month low of $9.65 and a 12 month high of $25.32. The company has a market capitalization of $140.16 million, a P/E ratio of -1.47 and a beta of 0.54.

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.