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

Key Points

• Oceanic Iron Ore Corp.'s stock price surged by 30.9% on Tuesday, reaching a high of C$0.72, significantly increasing trading volume to 853,467 shares.
• The company has a market cap of C$79.26 million and notable financial ratios that include a debt-to-equity ratio of 15.79 and a P/E ratio of -36.00.
• In recent insider activity, notable sales included 1,629,500 shares sold by insider Frank Giustra at an average price of C$0.21.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) rose 30.9% during trading on Tuesday . The company 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 Price Performance

The stock has a 50-day simple moving average of C$0.34 and a 200 day simple moving average of C$0.24. 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 company has a market cap of C$82.56 million, a P/E ratio of -37.50 and a beta of 0.99.

Insider Buying and Selling

In related news, Director Gordon Keep sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The stock was 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 that occurred 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. Insiders sold a total of 1,829,500 shares of company stock valued at $396,321 in the last quarter. Corporate insiders own 107.26% of the company's stock.

Oceanic Iron Ore Company Profile

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.