Oceanic Iron Ore (CVE:FEO) Trading 30.9% Higher - Here's Why

Key Points

• Oceanic Iron Ore Corp. shares surged by 30.9%, reaching last traded price of C$0.72, after a significant increase in trading volume.
• Insider transactions showed that Frank Giustra sold over 1.6 million shares at an average price of C$0.21, raising concerns about insider selling.
• The company, focused on iron ore exploration in Quebec, has a market capitalization of C$79.26 million and a notably high debt-to-equity ratio of 15.79.

Oceanic Iron Ore Corp. (CVE:FEO - ) shares 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 changed 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 firm has a market capitalization of C$79.26 million, a P/E ratio of -36.00 and a beta of 0.99. 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 stock has a 50 day moving average of C$0.30 and a 200-day moving average of C$0.23.

Insider Activity at Oceanic Iron Ore

In other Oceanic Iron Ore news, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of C$0.21, for a total transaction of C$342,520.90. Also, Director Gordon Keep sold 100,000 shares of the firm's 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. In the last three months, insiders sold 1,829,500 shares of company stock worth $396,321. 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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