Contango ORE (NYSEAMERICAN:CTGO) Stock Price Down 8.8% – Here’s Why

Contango ORE, Inc. (NYSEAMERICAN:CTGO) shares dropped 8.8% during trading on Tuesday. The company traded as low as $15.15 and last traded at $15.0970. Approximately 85,924 shares traded hands during trading, a decline of 80% from the average daily volume of 421,932 shares. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CTGO shares. Freedom Broker boosted their target price on Contango ORE from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. National Bank Financial initiated coverage on Contango ORE in a research note on Thursday, October 8th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Contango ORE Stock Performance

The stock has a market cap of $462.50 million, a PE ratio of -4.73 and a beta of 0.17. The firm’s 50-day moving average is $16.70 and its 200 day moving average is $20.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.06 and a current ratio of 1.06.

Contango ORE (NYSEAMERICAN:CTGO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.18. As a group, research analysts anticipate that Contango ORE, Inc. will post 0.40 EPS for the current year.

Insider Buying and Selling at Contango ORE

In other news, CFO Michael Aaron Clark sold 1,289 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $20.94, for a total value of $26,991.66. Following the transaction, the chief financial officer owned 54,709 shares of the company’s stock, valued at approximately $1,145,606.46. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Contango ORE by 28,023.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 95,339 shares of the company’s stock valued at $1,505,000 after purchasing an additional 95,000 shares in the last quarter. Royal Bank of Canada increased its position in Contango ORE by 6,539.8% during the 1st quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock worth $963,000 after purchasing an additional 50,618 shares during the period. Bank of America Corp DE increased its position in Contango ORE by 1,908.3% during the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after purchasing an additional 197,492 shares during the period. Van ECK Associates Corp raised its stake in shares of Contango ORE by 80.0% during the 2nd quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock worth $12,933,000 after buying an additional 364,062 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in shares of Contango ORE by 54.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,127,579 shares of the company’s stock worth $33,594,000 after buying an additional 750,000 shares in the last quarter. 19.14% of the stock is currently owned by institutional investors and hedge funds.

About Contango ORE

Contango ORE, Inc. is a mineral exploration and development company focused on gold and other mineral resources in Alaska. The company’s activities include advancing exploration projects and participating in the development and production of gold. Its principal producing asset is a 30% interest in the Manh Choh gold project, a joint venture with Kinross Gold that operates the mine. Contango also holds the Johnson Tract project and other exploration properties in Alaska. Founded in 2010, Contango has concentrated its business on Alaska, where it works to develop mineral assets in partnership with other companies and local stakeholders.