Oceanic Iron Ore (CVE:FEO) Stock Price Up 30.9% - Here's What Happened

Key Points

• Oceanic Iron Ore Corp. shares surged by 30.9%, reaching a trading price of C$0.72 and significantly increasing trading volume to 853,467 shares.
• The company has a high debt-to-equity ratio of 15.79 and low liquidity ratios, with a current ratio of 0.03 and a quick ratio of 0.43.
• Insider selling activity is notable, with over 1.8 million shares sold by insiders in recent months, indicating a potential lack of confidence among company leadership.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report)'s stock price rose 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 changed 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 Stock Performance

The firm's 50 day simple moving average is C$0.33 and its 200-day simple moving average is C$0.24. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03. 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.

Insider Buying and Selling at Oceanic Iron Ore

In related news, Director Gordon Keep sold 100,000 shares of the company's stock in a transaction 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 company's stock in a transaction 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. Over the last three months, insiders have sold 1,829,500 shares of company stock worth $396,321. 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.