Oceanic Iron Ore (CVE:FEO) Trading Up 20% - Here's What Happened

Key Points

• Oceanic Iron Ore Corp. shares surged by 20% in mid-day trading, reaching a high of C$0.67, significantly increasing from its previous closing price of C$0.55.
• Trading volume jumped 295% compared to the average daily volume, with over 502,000 shares exchanged.
• Insider transactions have seen significant activity, with insiders selling approximately 1.83 million shares in recent months, despite insiders owning 107.26% of the company stock.

Oceanic Iron Ore Corp. (CVE:FEO - ) shot up 20% during mid-day trading on Monday . The company traded as high as C$0.67 and last traded at C$0.66. 502,023 shares traded hands during mid-day trading, an increase of 295% from the average session volume of 127,022 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Up 27.3%

The business's fifty day moving average is C$0.30 and its 200-day moving average is C$0.23. The firm has a market cap of C$77.06 million, a P/E ratio of -35.00 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 at Oceanic Iron Ore

In other Oceanic Iron Ore news, Director Gordon Keep sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were 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 transaction of C$342,520.90. In the last 90 days, insiders have sold 1,829,500 shares of company stock valued at $396,321. Company 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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