Oceanic Iron Ore (CVE:FEO) Trading Up 30.9% - Here's What Happened

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)'s stock price was up 30.9% during trading on Monday . The stock traded as high as C$0.72 and last traded at C$0.72. Approximately 853,467 shares changed hands 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 Stock Performance

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 company has a 50 day moving average of C$0.35 and a 200 day moving average of C$0.24. The firm has a market cap of C$83.41 million, a price-to-earnings ratio of -5.54 and a beta of 1.42.

Insider Activity 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 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. Also, Director Gordon Keep sold 100,000 shares of the company'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 value of C$29,000.00. Insiders have sold 1,829,500 shares of company stock worth $396,321 in the last 90 days. 9.00% of the stock is currently owned by 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.