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

Key Points

• Oceanic Iron Ore Corp. stocks surged by 30.9%, closing at C$0.72, supported by a trading volume increase of 556% compared to its average session volume.
• The company reported a current ratio of 0.03 and a debt-to-equity ratio of 15.79, indicating potential financial risk.
• In the past ninety days, insiders have sold 1,829,500 shares of company stock, raising concerns regarding trust and future performance.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) rose 30.9% during mid-day trading on Tuesday . The company 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 has a market capitalization of C$82.56 million, a PE ratio of -37.50 and a beta of 0.99. The company has a current ratio of 0.03, a quick ratio of 0.43 and a debt-to-equity ratio of 15.79. The stock has a fifty day simple moving average of C$0.34 and a 200-day simple moving average of C$0.24.

Insider Activity

In other news, Director Gordon Keep sold 100,000 shares of the business's 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 business's 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 valued at $396,321 over the last three months. Company 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.