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

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 share price traded 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. 853,467 shares traded hands during mid-day trading, an increase of 556% from the average session volume of 130,094 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Stock Down 4.0%

The firm has a market cap of C$83.41 million, a price-to-earnings ratio of -5.54 and a beta of 1.42. The stock's 50 day moving average is C$0.35 and its 200 day moving average is C$0.25. The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79.

Insiders Place Their Bets

In other news, Director Gordon Keep sold 100,000 shares of the company's stock in a transaction on Monday, July 7th. The stock was 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 firm's 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 a total of 1,829,500 shares of company stock worth $396,321 in the last three months. Company insiders own 9.00% 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.