In a recent transaction on September 11, Joseph S. Compofelice, a director at Contango ORE, Inc. (NYSEAMERICAN:CTGO), sold 7,460 shares of the company's common stock. The sale was executed at a weighted average price of $21.14 per share, resulting in a total value of $157,704.
According to the details provided, the shares were sold in multiple transactions with prices ranging from $21.12 to $21.15. Following the sale, Compofelice's direct ownership in the company stands at 148,498 shares.
It's also noted that Joseph Compofelice holds an indirect ownership interest in additional shares of Contango ORE through various family trusts. These include the Charlie Compofelice UTMA Trust, the Sylvia Compofelice UTMA Trust, the Compofelice Educational Trust, and shares held by Anthony J. Compofelice. However, Joseph Compofelice has disclaimed beneficial ownership of the CTGO common stock held by these trusts, except to the extent of his pecuniary interest therein.
The sale was formally reported in a filing with the Securities and Exchange Commission on September 13, with Mike Clark signing as an attorney-in-fact for Joseph Compofelice. The transaction reflects changes in the director's holdings and is part of the routine disclosures required for company insiders.
Investors and market watchers often monitor such filings to gain insight into the actions of company executives and directors with respect to their holdings in the company.
In other recent news, Contango ORE has made significant strides in its operations. The company, part of the Peak Gold Joint Venture (JV), has reported the completion of its first batch of ore processing from the Manh Choh project, resulting in the production of about 55,000 ounces of gold and 11,000 ounces of silver. The company's 30% share of this production led to sales amounting to $32.2 million.
Furthermore, Contango ORE has successfully completed the acquisition of HighGold Mining Inc., which has resulted in the addition of the promising Johnson Tract project to its portfolio. This acquisition is expected to triple Contango's resources.
In the realm of analyst notes, Roth/MKM has revised Contango ORE's price target to $33.00, down from $38.00, while maintaining a Buy rating for the stock.
Additionally, the company has initiated a public offering of its common stock and warrants, managed by Canaccord Genuity and Cormark Securities. The proceeds are intended for general corporate purposes, including funding continued exploration activities.
Lastly, Contango ORE has set a production target for its 30% share from Manh Choh to be between 30,000 to 40,000 ounces of gold for 2024. These are the recent developments in Contango ORE's strategic moves.
InvestingPro Insights
Contango ORE, Inc. (NYSEAMERICAN: CTGO) has been making headlines not only for insider transactions but also for its financial performance and market activity. According to InvestingPro data, as of the last twelve months ending in Q2 2024, Contango ORE has a market capitalization of $256.15 million. Despite challenges, two InvestingPro Tips suggest a potential upside for the company: analysts expect net income to grow this year, and the company has experienced a significant return over the last week, with a 1-week price total return of 11.23%.
While Contango ORE does not currently pay a dividend to shareholders, the company's stock price has shown resilience. The price has achieved 84.19% of its 52-week high, and the average daily volume over the past three months has been 0.07 million USD, signaling active trading among investors. Additionally, the company's fair value, as assessed by analysts, stands at 33.1 USD, indicating a potential undervaluation at the previous close price of 21.09 USD.
Investors interested in Contango ORE's future prospects may find these insights valuable, particularly when considering the company's expected return to profitability this year. For more detailed analysis and additional InvestingPro Tips, interested parties can visit the dedicated page for Contango ORE on InvestingPro. There are currently 6 more tips available that could provide further guidance on the company's financial health and stock performance.
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