Oceanic Iron Ore (CVE:FEO) Trading Up 17.5% - What's Next?

Key Points

• Oceanic Iron Ore Corp. (CVE:FEO) experienced a 17.5% increase in share price, reaching C$0.47 during mid-day trading, with a significant surge in volume of 912,238 shares traded.
• The company has a market cap of C$51.74 million and reported a P/E ratio of -23.50, alongside a notably high debt-to-equity ratio of 15.79, indicating potential financial concerns.
• Insider trading activity included the sale of 1,859,500 shares worth over C$402,621 in the past ninety days, with insiders retaining ownership of over 107% of the stock.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) shot up 17.5% on Thursday . The company traded as high as C$0.47 and last traded at C$0.47. 912,238 shares were traded during mid-day trading, an increase of 687% from the average session volume of 115,880 shares. The stock had previously closed at C$0.40.

Oceanic Iron Ore Stock Performance

The stock has a fifty day simple moving average of C$0.28 and a 200-day simple moving average of C$0.22. The stock has a market cap of C$59.44 million, a P/E ratio of -27.00 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.

Insider Activity

In related news, Director Gordon Keep sold 100,000 shares of the stock in a transaction dated 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 Oceanic Iron Ore stock in a transaction that occurred on 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 have sold 1,859,500 shares of company stock valued at $402,621 over the last ninety days. 107.26% of the stock is owned by 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.