Oceanic Iron Ore (CVE:FEO) Shares Up 20% - Here's Why

Key Points

• Oceanic Iron Ore Corp. shares surged 20% to C$0.66, significantly increasing trading volume by 295% compared to the average session.
• The company's market capitalization is C$77.06 million, with a PE ratio of -35.00 and a debt-to-equity ratio of 15.79, indicating potential financial concerns.
• Insiders have sold a total of 1,829,500 shares worth C$396,321 in the last quarter, suggesting a significant level of insider activity amid the stock price increase.

Oceanic Iron Ore Corp. (CVE:FEO - ) shot up 20% on Monday . The stock traded as high as C$0.67 and last traded at C$0.66. 502,023 shares traded hands during trading, an increase of 295% from the average session volume of 127,022 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Price Performance

The company has a 50-day moving average of C$0.30 and a two-hundred day moving average of C$0.23. The stock has a market capitalization of C$77.06 million, a PE ratio of -35.00 and a beta of 0.99. The company has a debt-to-equity ratio of 15.79, a current ratio of 0.03 and a quick ratio of 0.43.

Insider Activity

In related news, Director Gordon Keep sold 100,000 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of C$0.29, for a total transaction of C$29,000.00. Also, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of C$0.21, for a total value of C$342,520.90. Insiders have sold 1,829,500 shares of company stock worth $396,321 over the last quarter. 107.26% of the stock is currently owned by company insiders.

About Oceanic Iron Ore

Oceanic Iron Ore Corp., an exploration stage company, acquires and explores for iron ore properties in Quebec, Canada. It holds a 100% interest in the Ungava Bay iron property comprising three project areas, including Hopes Advance, Morgan Lake, and Roberts Lake, which covers an area of approximately 35,999 hectares of iron formation located in Nunavik, Quebec.

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