Contango Ore, Inc. (NYSEAMERICAN:CTGO – Get Rating) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 6,800 shares, an increase of 112.5% from the November 15th total of 3,200 shares. Based on an average daily volume of 3,500 shares, the days-to-cover ratio is currently 1.9 days. Approximately 0.3% of the shares of the stock are sold short.
Analysts Set New Price Targets
Separately, Roth Capital assumed coverage on Contango Ore in a report on Monday, October 31st. They issued a "buy" rating and a $38.00 target price on the stock.
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Institutional Investors Weigh In On Contango Ore
A number of large investors have recently bought and sold shares of CTGO. UBS Group AG increased its holdings in shares of Contango Ore by 5,168.2% during the third quarter. UBS Group AG now owns 1,159 shares of the company's stock valued at $35,000 after acquiring an additional 1,137 shares in the last quarter. BlackRock Inc. bought a new stake in Contango Ore during the 3rd quarter valued at $647,000. Finally, Vanguard Group Inc. acquired a new position in Contango Ore during the third quarter worth $879,000. 7.68% of the stock is currently owned by institutional investors and hedge funds.
Contango Ore Price Performance
CTGO remained flat at $22.38 during trading on Thursday. 397 shares of the company's stock were exchanged, compared to its average volume of 2,159. The company has a quick ratio of 7.98, a current ratio of 7.98 and a debt-to-equity ratio of 2.72. The stock has a 50 day moving average of $24.81. Contango Ore has a twelve month low of $21.00 and a twelve month high of $30.50. The company has a market cap of $151.62 million, a PE ratio of -5.81 and a beta of 0.43.
About Contango Ore
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Contango Ore, Inc, an exploration stage company, engages in the exploration of gold and associated minerals in the United States. It also explores for copper and silver deposits. The company, through its subsidiaries, leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 State of Alaska mining claims for exploration and development; leases mineral rights approximately 8,600 acres of State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc; and owns 100% interest in the mineral rights to approximately 214,600 acres of State of Alaska mining claims for exploration located north and northwest of the Manh Choh Project.
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