Oceanic Iron Ore (CVE:FEO) Shares Up 34% – Time to Buy?

Oceanic Iron Ore Corp. (CVE:FEO)’s stock price shot up 34% on Saturday . The company traded as high as C$0.35 and last traded at C$0.34. 850,047 shares traded hands 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 Up 34.0%

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. The business’s 50-day moving average is C$0.21 and its two-hundred day moving average is 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 at Oceanic Iron Ore

In related news, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. In the last 90 days, insiders have sold 1,749,949 shares of company stock valued at $368,344. Company 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.