Oceanic Iron Ore (CVE:FEO) Trading 30.9% Higher - Time to Buy?

Key Points

• Oceanic Iron Ore Corp.'s shares surged 30.9% on Tuesday, reaching a high of C$0.72 and trading volume increased by 556% compared to the average session.
• Insider director Gordon Keep sold 100,000 shares for C$29,000, while another insider, Frank Giustra, sold 1,629,500 shares for C$342,520.90, indicating significant insider offloading.
• The company has a market cap of C$79.26 million and shows some concerning financial ratios, including a price-to-earnings ratio of -36.00 and a debt-to-equity ratio of 15.79.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) 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 Price Performance

The company's 50-day moving average price is C$0.34 and its 200-day moving average price is C$0.24. 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 company has a market cap of C$82.56 million, a P/E ratio of -37.50 and a beta of 0.99.

Insiders Place Their Bets

In related news, insider Frank Giustra sold 1,629,500 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. Also, Director Gordon Keep sold 100,000 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of C$0.29, for a total transaction of C$29,000.00. In the last ninety days, insiders sold 1,829,500 shares of company stock valued at $396,321. 107.26% of the stock is 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.