Oceanic Iron Ore (CVE:FEO) Trading 34% Higher – Time to Buy?

Oceanic Iron Ore Corp. (CVE:FEO) 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 Stock Up 34.0%

The company has a market capitalization of C$36.88 million, a P/E ratio of -16.75 and a beta of 0.99. 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’s fifty day moving average is C$0.21 and its 200 day moving average is C$0.19.

Insider Activity

In other Oceanic Iron Ore news, insider Frank Giustra sold 1,629,500 shares of the company’s 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 valued at $368,344 over the last quarter. 107.26% of the stock is owned by company 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.