Oceanic Iron Ore (CVE:FEO) Shares Up 30.9% - Still a Buy?

Key Points

• Oceanic Iron Ore Corp. shares surged by 30.9% on Monday, reaching a price of C$0.72, significantly increasing trading volume to 853,467 shares.
• The company's debt-to-equity ratio stands at 15.79, indicating a high level of debt relative to equity, while it has a market capitalization of C$79.26 million.
• Insider transactions revealed that 1,829,500 shares were sold by company insiders in recent months, with insiders owning over 107% of the company's stock.

Oceanic Iron Ore Corp. (CVE:FEO - )'s stock price traded up 30.9% during trading on Monday . The stock traded as high as C$0.72 and last traded at C$0.72. 853,467 shares changed hands during mid-day trading, an increase of 556% from the average session volume of 130,006 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Up 30.9%

The company has a debt-to-equity ratio of 15.79, a current ratio of 0.03 and a quick ratio of 0.43. The business's 50 day moving average is C$0.30 and its 200 day moving average is C$0.23. The stock has a market cap of C$79.26 million, a price-to-earnings ratio of -36.00 and a beta of 0.99.

Insider Activity at Oceanic Iron Ore

In other news, Director Gordon Keep sold 100,000 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of C$0.29, for a total value of C$29,000.00. Also, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of C$0.21, for a total transaction of C$342,520.90. Insiders sold 1,829,500 shares of company stock worth $396,321 over the last quarter. Company insiders own 107.26% of the company's stock.

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.

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