In a recent move, Joseph S. Compofelice, a director at Contango ORE, Inc. (NYSEAMERICAN:CTGO), sold shares of the company's common stock, resulting in a total transaction value of $60,152. The shares were sold at a price of $20.60 each. This sale was detailed in a filing with the Securities and Exchange Commission dated April 9, 2024.
According to the filing, Compofelice disposed of 2,920 shares. Following this transaction, he continues to hold a substantial number of shares in the company, with his ownership totaling 160,958 shares of Contango ORE's common stock. The sale was conducted for the purpose of covering tax obligations related to the vesting of restricted stock, as noted in the footnotes of the filing.
It is also noted that Compofelice serves as a trustee for several family trusts. The filing includes disclaimers of beneficial ownership of additional Contango ORE common stock held by these trusts, except to the extent of his pecuniary interest therein. The trusts mentioned in the footnotes are Charlie Compofelice UTMA Trust, Sylvia Compofelice UTMA Trust, and Compofelice Educational Trust, each holding 5,500 and 2,000 shares respectively.
Investors and followers of Contango ORE, Inc. often monitor such transactions as indicators of insider confidence in the company. Insider sales and purchases can provide valuable insights into the company's financial health and future prospects.
Contango ORE, specializing in gold and silver ores, is incorporated in Delaware and has its business address in Houston, Texas. The company operates within the energy and transportation sector, focusing on the exploration of mineral properties in the United States.
InvestingPro Insights
Recent insider trading activity at Contango ORE, Inc. (NYSEAMERICAN:CTGO) has caught the attention of market participants. To provide further context to this development, InvestingPro data shows that Contango ORE has a market capitalization of $183.49 million and is trading at a high Price / Book multiple of 17.45 as of Q1 2024. Despite a notable insider sale, the company's stock has experienced a strong return over the last three months, with a price total return of 20.79%.
Two key InvestingPro Tips shed light on the company's financial landscape. Firstly, Contango ORE is not expected to turn a profit this year, which aligns with the company's negative P/E Ratio of -4.21, indicating that it has not been profitable over the last twelve months. Secondly, the company's liquid assets exceed its short-term obligations, providing some financial flexibility in the near term. However, Contango ORE does not pay a dividend, which might influence the investment decisions of income-focused shareholders.
For investors seeking a deeper analysis of Contango ORE, Inc., additional InvestingPro Tips are available, which can be accessed through a subscription. Use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and uncover more insights on the company's financial health and market performance. There are 6 more InvestingPro Tips listed for Contango ORE, offering a comprehensive perspective for informed investment decisions.
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