Oceanic Iron Ore (CVE:FEO) Shares Up 25.5% - Here's Why

Key Points

• Oceanic Iron Ore Corp. shares surged 25.5% in trading, reaching up to C$0.72 before closing at C$0.69, with a significant increase in trading volume of 440% compared to average daily volume.
• The company has a market cap of C$78.16 million and reported a P/E ratio of -35.50, indicating potential volatility in profitability.
• Insider trading activity included 1,829,500 shares sold by company insiders valued at approximately $396,321 over the last three months, suggesting decreased confidence from insiders.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) was up 25.5% on Monday . The stock traded as high as C$0.72 and last traded at C$0.69. Approximately 703,967 shares traded hands during trading, an increase of 446% from the average daily volume of 128,934 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Stock Up 1.4%

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 firm has a market cap of C$82.56 million, a price-to-earnings ratio of -37.50 and a beta of 0.99. The firm has a 50-day moving average price of C$0.32 and a two-hundred day moving average price of C$0.23.

Insider Activity

In other news, Director Gordon Keep sold 100,000 shares of the firm's 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 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 have sold a total of 1,829,500 shares of company stock worth $396,321 in the last three months. 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.