Oceanic Iron Ore (CVE:FEO) Trading 30.9% Higher - Time to Buy?

Key Points

• Oceanic Iron Ore Corp. saw a significant share price increase of 30.9% during trading, with shares climbing to C$0.72 from a previous close of C$0.55.
• Insider transactions revealed that Frank Giustra sold 1.6 million shares at an average price of C$0.21, contributing to a total insider sale of approximately C$396,321 over the past ninety days.
• The company holds a 100% interest in the Ungava Bay iron property, comprising three project areas in Quebec, covering around 35,999 hectares of iron formation.

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

Oceanic Iron Ore Stock Down 6.3%

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 market capitalization of C$82.56 million, a PE ratio of -37.50 and a beta of 0.99. The stock's fifty day simple moving average is C$0.34 and its 200-day simple moving average is C$0.24.

Insiders Place Their Bets

In other news, Director Gordon Keep sold 100,000 shares of Oceanic Iron Ore stock in a transaction on 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 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 value of C$342,520.90. Insiders have sold a total of 1,829,500 shares of company stock worth $396,321 over the last ninety days. 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.