Oceanic Iron Ore (CVE:FEO) Trading Up 17.5% - Here's Why

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.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - ) shot up 17.5% during mid-day trading on Thursday . The company traded as high as C$0.47 and last traded at C$0.47. 912,238 shares traded hands during 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 firm's fifty day moving average price is C$0.26 and its 200-day moving average price is C$0.21. The company has a market cap of C$51.74 million, a P/E ratio of -23.50 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.

Insider Activity

In other 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 value 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. In the last ninety days, insiders sold 1,859,500 shares of company stock worth $402,621. 107.26% of the stock is owned by insiders.

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.

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