Contango ORE (NYSEAMERICAN:CTGO) Shares Break Below 200-Day Moving Average – Here’s Why

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $18.90 and traded as low as $14.67. Contango ORE shares last traded at $15.02, with a volume of 198,587 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTGO. National Bank Financial started coverage on Contango ORE in a research report on Thursday, October 8th. They issued an “outperform” rating for the company. Freedom Broker upped their target price on Contango ORE from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Contango ORE presently has an average rating of “Moderate Buy” and an average price target of $32.00.

Contango ORE Stock Down 0.3%

The firm’s 50 day moving average price is $18.14 and its two-hundred day moving average price is $18.87. The company has a market cap of $484.07 million, a P/E ratio of -4.91 and a beta of 0.13. 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 released its earnings results on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.18. Equities research analysts anticipate that Contango ORE, Inc. will post 0.40 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael Aaron Clark sold 1,289 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total transaction of $26,991.66. Following the transaction, the chief financial officer owned 54,709 shares in the company, valued at approximately $1,145,606.46. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.40% of the company’s stock.

Institutional Trading of Contango ORE

Several large investors have recently made changes to their positions in the company. CoreCap Advisors LLC raised its stake in Contango ORE by 682.2% during the 3rd quarter. CoreCap Advisors LLC now owns 19,360 shares of the company’s stock worth $325,000 after buying an additional 16,885 shares during the period. Eastern Bank acquired a new stake in Contango ORE in the third quarter valued at approximately $32,000. Squarepoint Ops LLC acquired a new stake in Contango ORE in the second quarter valued at approximately $165,000. Alyeska Investment Group L.P. increased its holdings in shares of Contango ORE by 54.4% during the second quarter. Alyeska Investment Group L.P. now owns 2,127,579 shares of the company’s stock valued at $33,594,000 after acquiring an additional 750,000 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 during the period. 19.14% of the stock is currently owned by institutional investors and hedge funds.

Contango ORE Company Profile

Contango ORE, Inc is a gold exploration, development and production company focused on mineral properties in Alaska. The company’s principal asset is its interest in the Peak Gold Joint Venture, which holds the Manh Choh project in the Tetlin area of eastern Alaska. Contango owns a minority interest in the joint venture, while Kinross Gold Corporation is the operator and majority partner.

Manh Choh is a high-grade gold project whose ore is transported to Kinross’ Fort Knox processing facility near Fairbanks.