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

Key Points

• Oceanic Iron Ore Corp. (CVE:FEO) saw a significant stock price increase of 30.9%, closing at C$0.72 after trading as high as C$0.72, with a substantial volume of 853,467 shares traded.
• Despite the stock surge, insiders have been selling shares, with 1,829,500 shares sold in the past 90 days by directors at an average price significantly lower than the recent trading price.
• The company is currently in the exploration stage for iron ore properties in Quebec, Canada, holding 100% interest in the Ungava Bay iron property.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) traded up 30.9% during mid-day trading on Tuesday . The company 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 130,094 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Stock Down 4.0%

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 cap of C$83.41 million, a price-to-earnings ratio of -5.54 and a beta of 1.42. The business has a 50-day simple moving average of C$0.35 and a 200-day simple moving average of C$0.25.

Insider Transactions at Oceanic Iron Ore

In other news, Director Gordon Keep sold 100,000 shares of the stock in a transaction dated 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 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 ninety days. 9.00% of the stock is owned by corporate 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.