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

Contango Ore, Inc. (NYSEAMERICAN:CTGO - Get Free Report) saw a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 567,700 shares, a growth of 9.4% from the December 31st total of 519,100 shares. Approximately 7.4% of the shares of the company are short sold. Based on an average daily trading volume, of 107,700 shares, the days-to-cover ratio is presently 5.3 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm boosted their price objective 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 Price Performance

Shares of Contango Ore stock traded down $0.24 during trading hours on Wednesday, hitting $10.57. 113,400 shares of the company were exchanged, compared to its average volume of 83,721. Contango Ore has a 1 year low of $9.65 and a 1 year high of $25.32. The stock has a market capitalization of $129.23 million, a PE ratio of -1.36 and a beta of 0.55.

Insiders Place Their Bets

In other news, Director John B. Juneau acquired 8,300 shares of the company's stock in a transaction dated Friday, December 13th. The shares were acquired at an average price of $11.83 per share, with a total value of $98,189.00. Following the purchase, the director now directly owns 319,411 shares of the company's stock, valued at $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 this hyperlink. 17.80% of the stock is currently owned by insiders.

Institutional Trading of Contango Ore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTGO. Wilmington Savings Fund Society FSB purchased a new position in Contango Ore during the third quarter worth approximately $40,000. Quantbot Technologies LP purchased a new position in shares of Contango Ore in the 3rd quarter valued at $57,000. JPMorgan Chase & Co. raised its stake in shares of Contango Ore by 32.0% in the 3rd 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 period. Marshall Wace LLP purchased a new position in shares of Contango Ore in the 2nd quarter valued at $185,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Contango Ore by 8.4% in the 4th quarter. Bank of New York Mellon Corp now owns 22,384 shares of the company's stock valued at $224,000 after acquiring an additional 1,737 shares during the period. Hedge funds and other institutional investors own 19.14% of the company's stock.

About Contango Ore

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.