Contango ORE (NYSEAMERICAN:CTGO) Upgraded at Zacks Research

Zacks Research upgraded shares of Contango ORE (NYSEAMERICAN:CTGO) from a hold rating to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Separately, Roth Capital reissued a “buy” rating and set a $35.00 price objective on shares of Contango ORE in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Contango ORE has an average rating of “Buy” and a consensus price target of $33.89.

Contango ORE Stock Performance

Shares of CTGO opened at $25.30 on Wednesday. The company has a market capitalization of $328.65 million, a price-to-earnings ratio of -93.70 and a beta of -0.08. The company’s 50 day simple moving average is $21.93 and its 200 day simple moving average is $18.20. Contango ORE has a 1 year low of $8.85 and a 1 year high of $25.88.

Insider Activity

In other news, Director Richard Shortz sold 33,150 shares of Contango ORE stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $21.08, for a total value of $698,802.00. Following the completion of the transaction, the director directly owned 84,050 shares of the company’s stock, valued at approximately $1,771,774. The trade was a 28.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael Aaron Clark sold 2,822 shares of Contango ORE stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $21.66, for a total transaction of $61,124.52. Following the completion of the sale, the chief financial officer owned 59,970 shares in the company, valued at approximately $1,298,950.20. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 14.40% of the company’s stock.

Institutional Trading of Contango ORE

Several hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Contango ORE by 4,016.7% during the 1st quarter. GAMMA Investing LLC now owns 1,235 shares of the company’s stock worth $121,000 after buying an additional 1,205 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Contango ORE by 141.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after buying an additional 1,327 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Contango ORE during the 2nd quarter worth about $83,000. Bank of America Corp DE raised its position in shares of Contango ORE by 22.6% during the 2nd quarter. Bank of America Corp DE now owns 8,038 shares of the company’s stock worth $157,000 after buying an additional 1,481 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Contango ORE during the 2nd quarter worth about $230,000. 19.14% of the stock is currently owned by institutional investors.

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.