Oceanic Iron Ore (CVE:FEO) Trading 30.9% Higher - Still a Buy?

Key Points

• Oceanic Iron Ore Corp. saw its stock price increase by 30.9% to C$0.72, with trading volume up by 556% from its daily average.
• The company has a market capitalization of C$79.26 million and a negative price-to-earnings ratio of -36.00.
• Over the last quarter, insiders sold a total of 1,829,500 shares, representing over 107% ownership by corporate insiders.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) shares were up 30.9% 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 Down 4.0%

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 firm's 50-day simple moving average is C$0.35 and its two-hundred day simple moving average is C$0.25. The company has a market capitalization of C$83.41 million, a price-to-earnings ratio of -5.54 and a beta of 1.42.

Insider Activity

In other Oceanic Iron Ore news, Director Gordon Keep sold 100,000 shares of the company's stock in a transaction dated 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 company's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of C$0.21, for a total transaction of C$342,520.90. Insiders have sold 1,829,500 shares of company stock worth $396,321 over the last 90 days. 9.00% of the stock is currently owned by company 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.