Contango Ore, Inc. (NYSEAMERICAN:CTGO) Short Interest Up 374.3% in May

Contango Ore, Inc. (NYSEAMERICAN:CTGO – Get Rating) was the recipient of a large growth in short interest in May. As of May 15th, there was short interest totalling 16,600 shares, a growth of 374.3% from the April 30th total of 3,500 shares. Based on an average daily volume of 5,700 shares, the days-to-cover ratio is currently 2.9 days. Approximately 0.5% of the company’s stock are short sold.

Institutional Investors Weigh In On Contango Ore

A number of large investors have recently modified their holdings of CTGO. Sprott Inc. grew its stake in shares of Contango Ore by 38.0% during the fourth quarter. Sprott Inc. now owns 363,200 shares of the company’s stock worth $8,325,000 after acquiring an additional 100,000 shares during the last quarter. Vanguard Group Inc. purchased a new stake in shares of Contango Ore during the third quarter worth about $879,000. BlackRock Inc. purchased a new stake in shares of Contango Ore during the third quarter worth about $647,000. Gabelli Funds LLC grew its stake in shares of Contango Ore by 12.5% during the fourth quarter. Gabelli Funds LLC now owns 121,152 shares of the company’s stock worth $2,777,000 after acquiring an additional 13,452 shares during the last quarter. Finally, Wittenberg Investment Management Inc. grew its stake in shares of Contango Ore by 8.4% during the first quarter. Wittenberg Investment Management Inc. now owns 20,723 shares of the company’s stock worth $591,000 after acquiring an additional 1,602 shares during the last quarter. Hedge funds and other institutional investors own 8.68% of the company’s stock.

Contango Ore Stock Performance

Shares of CTGO stock traded down $0.11 during trading hours on Friday, reaching $25.31. 3,400 shares of the company’s stock were exchanged, compared to its average volume of 4,891. Contango Ore has a 1 year low of $21.00 and a 1 year high of $32.94. The company has a debt-to-equity ratio of 2.72, a quick ratio of 7.09 and a current ratio of 7.09.

Contango Ore Company Profile

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Contango ORE, Inc engages in the exploration of gold, associated minerals, and rare earth elements. It includes geological surveying, geochemical sampling, geophysical surveying, geochemical evaluation for rare earth elements, and electromagnetic exploration in order to determine the existence and location of rare earth elements.