Contango ORE (NYSEAMERICAN:CTGO) Stock Passes Above Fifty Day Moving Average – Should You Sell?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $23.16 and traded as high as $25.35. Contango ORE shares last traded at $25.22, with a volume of 83,102 shares.

Analyst Upgrades and Downgrades

CTGO has been the topic of several recent research reports. Zacks Research upgraded Contango ORE from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Roth Capital restated a “buy” rating and set a $35.00 target price on shares of Contango ORE in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $32.34.

Contango ORE Stock Performance

The stock has a market cap of $327.61 million, a PE ratio of -93.40 and a beta of -0.08. The company’s 50-day moving average price is $23.16 and its 200 day moving average price is $19.48.

Insider Buying and Selling

In other Contango ORE news, Director Richard Shortz sold 33,150 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $21.08, for a total value of $698,802.00. Following the sale, the director owned 84,050 shares of the company’s stock, valued at $1,771,774. The trade was a 28.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael Aaron Clark sold 2,822 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $21.66, for a total value of $61,124.52. Following the completion of the sale, the chief financial officer directly owned 59,970 shares in the company, valued at approximately $1,298,950.20. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. 14.40% of the stock is owned by insiders.

Institutional Trading of Contango ORE

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Contango ORE by 4,016.7% during the first quarter. GAMMA Investing LLC now owns 1,235 shares of the company’s stock worth $121,000 after acquiring an additional 1,205 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Contango ORE by 141.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after acquiring an additional 1,327 shares during the period. AlphaQuest LLC purchased a new stake in shares of Contango ORE during the second quarter worth $83,000. Bank of America Corp DE increased its position in shares of Contango ORE by 22.6% during the second quarter. Bank of America Corp DE now owns 8,038 shares of the company’s stock worth $157,000 after acquiring an additional 1,481 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Contango ORE during the second quarter worth $230,000. Hedge funds and other institutional investors 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.