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

Contango Ore, Inc. (NYSEAMERICAN:CTGO) was the recipient of a large increase in short interest during 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. Currently, 7.4% of the company’s shares are sold short. Based on an average trading volume of 107,700 shares, the days-to-cover ratio is presently 5.3 days.

Insider Activity

In related news, Director John B. Juneau purchased 8,300 shares of Contango Ore stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $11.83 per share, with a total value of $98,189.00. Following the purchase, the director now owns 319,411 shares of the company’s stock, valued at approximately $3,778,632.13. The trade was a 2.67 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On Contango Ore

Institutional investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in Contango Ore during the 3rd quarter valued at approximately $40,000. Quantbot Technologies LP purchased a new stake in shares of Contango Ore during the third quarter worth approximately $57,000. JPMorgan Chase & Co. lifted its holdings in shares of Contango Ore by 32.0% during the third quarter. JPMorgan Chase & Co. now owns 4,657 shares of the company’s stock worth $90,000 after purchasing an additional 1,129 shares during the period. Rhumbline Advisers grew its position in Contango Ore by 55.1% in the 2nd quarter. Rhumbline Advisers now owns 9,565 shares of the company’s stock valued at $173,000 after buying an additional 3,397 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Contango Ore in the 2nd quarter valued at $185,000. 19.14% of the stock is owned by institutional investors and hedge funds.

Contango Ore Trading Up 5.7 %

NYSEAMERICAN:CTGO traded up $0.62 during midday trading on Friday, hitting $11.46. 83,977 shares of the company were exchanged, compared to its average volume of 111,618. Contango Ore has a fifty-two week low of $9.65 and a fifty-two week high of $25.32.

Analyst Upgrades and Downgrades

Separately, Roth Mkm boosted their price target on shares of Contango Ore from $33.00 to $37.00 and gave the stock a “buy” rating in a research note 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.