Oceanic Iron Ore (CVE:FEO) Trading Up 27.3% - Time to 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.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report)'s stock price rose 27.3% during trading on Monday . The company traded as high as C$0.72 and last traded at C$0.70. Approximately 825,967 shares changed hands during 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 Down 4.0%

The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79. The business's fifty day moving average is C$0.35 and its 200 day moving average is C$0.24. The firm has a market capitalization of C$83.41 million, a price-to-earnings ratio of -5.54 and a beta of 1.42.

Insiders Place Their Bets

In other Oceanic Iron Ore news, insider Frank Giustra sold 1,629,500 shares of Oceanic Iron Ore stock in a transaction on Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. Also, Director Gordon Keep sold 100,000 shares of Oceanic Iron Ore stock in a transaction 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. Over the last 90 days, insiders have sold 1,829,500 shares of company stock worth $396,321. 9.00% of the stock is currently 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.