Contango Ore (NYSEAMERICAN:CTGO) Stock Passes Above 50-Day Moving Average – What’s Next?

Contango Ore, Inc. (NYSEAMERICAN:CTGO)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $0.00 and traded as high as $18.48. Contango Ore shares last traded at $18.36, with a volume of 60,564 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lifted their price objective 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 Price Performance

The company has a market capitalization of $224.36 million, a price-to-earnings ratio of -2.17 and a beta of 0.57.

Contango Ore (NYSEAMERICAN:CTGO) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($1.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.40) by ($0.50). Sell-side analysts anticipate that Contango Ore, Inc. will post -2.98 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Contango Ore

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Contango Ore by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 172,461 shares of the company’s stock valued at $3,423,000 after buying an additional 10,848 shares during the last quarter. Bank of New York Mellon Corp boosted its position 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 period. Marshall Wace LLP acquired a new stake in shares of Contango Ore in the second quarter worth $185,000. Rhumbline Advisers increased its position in Contango Ore by 55.1% during the second quarter. Rhumbline Advisers now owns 9,565 shares of the company’s stock worth $173,000 after acquiring an additional 3,397 shares during the period. Finally, Fore Capital LLC acquired a new position in Contango Ore during the 2nd quarter valued at $201,000. Institutional investors and hedge funds own 19.14% of the company’s stock.

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.