Oceanic Iron Ore (CVE:FEO) Trading Up 34% – Should You Buy?

Shares of Oceanic Iron Ore Corp. (CVE:FEO) shot up 34% on Friday . The stock traded as high as C$0.35 and last traded at C$0.34. 850,047 shares were traded during mid-day trading, an increase of 686% from the average session volume of 108,122 shares. The stock had previously closed at C$0.25.

Oceanic Iron Ore Stock Performance

The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03. The stock’s fifty day moving average is C$0.21 and its two-hundred day moving average is C$0.19. The firm has a market capitalization of C$36.88 million, a price-to-earnings ratio of -16.75 and a beta of 0.99.

Insider Activity

In related news, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction dated 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 sold 1,749,949 shares of company stock worth $368,344 over the last 90 days. 107.26% of the stock is currently owned by insiders.

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.