Oceanic Iron Ore (CVE:FEO) Stock Price Up 30.9% - Here's Why

Key Points

• Oceanic Iron Ore Corp. shares surged by 30.9% to C$0.72, with trading volume increasing by 556% from its average.
• The company has a market capitalization of C$79.26 million and a PE ratio of -36.00, indicating potential financial challenges.
• Over the past ninety days, insiders sold 1,829,500 shares, with 107.26% of the stock currently owned by insiders.

Oceanic Iron Ore Corp. (CVE:FEO - Get Free Report) shares were up 30.9% on Monday . The company traded as high as C$0.72 and last traded at C$0.72. Approximately 853,467 shares were traded during mid-day trading, an increase of 556% from the average daily volume of 130,094 shares. The stock had previously closed at C$0.55.

Oceanic Iron Ore Trading Up 8.1%

The firm has a market cap of C$88.06 million, a PE ratio of -40.00 and a beta of 0.99. 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 stock's fifty day simple moving average is C$0.32 and its two-hundred day simple moving average is C$0.23.

Insider Transactions at Oceanic Iron Ore

In other Oceanic Iron Ore news, insider Frank Giustra sold 1,629,500 shares of the company's stock in a transaction dated 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 the 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. In the last 90 days, insiders sold 1,829,500 shares of company stock worth $396,321. Corporate 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.