Oceanic Iron Ore (CVE:FEO) Trading Up 27.3% - Should You Buy?

Key Points

• Oceanic Iron Ore Corp. shares surged by 27.3% during mid-day trading, reaching C$0.70, significantly higher than a prior close of C$0.55.
• The company is in an exploration stage for iron ore properties in Quebec, holding a 100% interest in the Ungava Bay iron property covering approximately 35,999 hectares.
• Insider sales totaled 1,829,500 shares in the last quarter, representing a significant portion of company stock, with insiders owning over 107% of the stock.

Shares of Oceanic Iron Ore Corp. (CVE:FEO - ) were up 27.3% during mid-day trading on Monday . The company traded as high as C$0.72 and last traded at C$0.70. Approximately 825,967 shares traded hands during mid-day trading, an increase of 540% from the average daily volume of 128,957 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Up 27.3%

The stock has a market capitalization of C$77.06 million, a PE ratio of -35.00 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. The stock has a 50 day moving average price of C$0.30 and a 200-day moving average price of C$0.23.

Insider Buying and Selling at Oceanic Iron Ore

In related news, insider Frank Giustra sold 1,629,500 shares of Oceanic Iron Ore stock in a transaction 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. Also, Director Gordon Keep sold 100,000 shares of the business'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. Insiders have sold 1,829,500 shares of company stock worth $396,321 over the last quarter. 107.26% of the stock is owned by company 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.

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