Oceanic Iron Ore (CVE:FEO) Stock Price 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 - ) rose 30.9% during 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 Up 30.9%

The stock has a market capitalization of C$79.26 million, a P/E ratio of -36.00 and a beta of 0.99. The company's 50-day moving average price is C$0.31 and its 200 day moving average price is C$0.23. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03.

Insider Buying and Selling at Oceanic Iron Ore

In other news, 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. Also, 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 transaction of C$342,520.90. Insiders have sold a total of 1,829,500 shares of company stock worth $396,321 over the last 90 days. Insiders own 107.26% of the company's stock.

About Oceanic Iron Ore

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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