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

Key Points

• Oceanic Iron Ore Corp. shares surged by 30.9% to C$0.72 after trading volume increased by 556% compared to the average.
• Insiders have sold a total of 1,829,500 shares of the company stock valued at approximately C$396,321 within the last ninety days.
• The company holds a 100% interest in the Ungava Bay iron property in Quebec, covering about 35,999 hectares of iron formation.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - ) rose 30.9% on Monday . The stock traded as high as C$0.72 and last traded at C$0.72. Approximately 853,467 shares traded hands during mid-day 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 company has a 50 day moving average price of C$0.31 and a two-hundred day moving average price of C$0.23. 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 stock has a market cap of C$79.26 million, a PE ratio of -36.00 and a beta of 0.99.

Insider Buying and Selling at Oceanic Iron Ore

In related news, insider Frank Giustra sold 1,629,500 shares of Oceanic Iron Ore stock in a transaction on Thursday, June 26th. The stock was 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 Oceanic Iron Ore 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. Insiders sold 1,829,500 shares of company stock valued at $396,321 in the last ninety days. 107.26% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.