Oceanic Iron Ore (CVE:FEO) Trading 18.2% Higher - Here's What Happened

Key Points

• Oceanic Iron Ore Corp. shares increased by 18.2% during mid-day trading, reaching C$0.65, with a trading volume of around 288,523 shares, significantly higher than the average daily volume.
• Insider Frank Giustra recently sold 1,629,500 shares at an average price of C$0.21, contributing to a total of 1,829,500 shares sold by insiders worth C$396,321 in the last three months.
• The company has a market cap of C$73.75 million and holds a 100% interest in the Ungava Bay iron property in Quebec, covering approximately 35,999 hectares.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report)'s stock price rose 18.2% on Monday . The company traded as high as C$0.65 and last traded at C$0.65. Approximately 288,523 shares changed hands during mid-day trading, an increase of 132% from the average daily volume of 124,620 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Down 6.3%

The business has a 50 day moving average of C$0.34 and a 200-day moving average of C$0.24. 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 firm has a market capitalization 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 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 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. Over the last three months, insiders have sold 1,829,500 shares of company stock valued at $396,321. 107.26% of the stock is owned by company 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.