Oceanic Iron Ore (CVE:FEO) Stock Price Up 34% – Here’s What Happened

Oceanic Iron Ore Corp. (CVE:FEO)’s stock price rose 34% during trading on Saturday . The stock traded as high as C$0.35 and last traded at C$0.34. Approximately 850,047 shares changed hands during mid-day trading, an increase of 686% from the average daily volume of 108,122 shares. The stock had previously closed at C$0.25.

Oceanic Iron Ore Price Performance

The company’s 50 day moving average price is C$0.21 and its 200 day moving average price 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. The company has a market cap 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 Oceanic Iron Ore 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 valued at $368,344 over the last three months. 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.