Oceanic Iron Ore (CVE:FEO) Shares Up 22% – Here’s Why

Oceanic Iron Ore Corp. (CVE:FEO) shot up 22% on Friday . The company traded as high as C$0.32 and last traded at C$0.31. 701,547 shares were traded during trading, an increase of 599% from the average session volume of 100,393 shares. The stock had previously closed at C$0.25.

Oceanic Iron Ore Price Performance

The firm has a market cap of C$36.88 million, a PE ratio of -16.75 and a beta of 0.99. The stock has a 50 day simple moving average of C$0.21 and a two-hundred day simple moving average of C$0.19. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03.

Insider Buying and Selling

In related news, insider Frank Giustra sold 1,629,500 shares of Oceanic Iron Ore 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. Insiders sold 1,749,949 shares of company stock worth $368,344 over the last quarter. 107.26% of the stock is 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.