Oceanic Iron Ore (CVE:FEO) Shares Up 30.9% - Should You Buy?

Key Points

• Oceanic Iron Ore Corp. shares surged 30.9% on Tuesday, reaching a new trading high of C$0.72 and showing a significant increase in trading volume.
• Insiders have sold a total of 1,829,500 shares over the last three months, indicating potential concerns about the company's outlook.
• The company has a current market capitalization of C$79.26 million and a high debt-to-equity ratio of 15.79, suggesting financial risk.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) shares were up 30.9% during mid-day trading on Tuesday . The stock traded as high as C$0.72 and last traded at C$0.72. Approximately 853,467 shares traded hands during trading, an increase of 556% from the average daily volume of 130,094 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Down 6.3%

The firm has a fifty day moving average price of C$0.34 and a 200-day moving average price of C$0.24. The company has a market capitalization of C$82.56 million, a price-to-earnings ratio of -37.50 and a beta of 0.99. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03.

Insider Activity

In other news, Director Gordon Keep sold 100,000 shares of Oceanic Iron Ore 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 Oceanic Iron Ore stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. Insiders sold 1,829,500 shares of company stock worth $396,321 over the last ninety days. 107.26% of the stock is currently owned by insiders.

Oceanic Iron Ore Company Profile

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.