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

Oceanic Iron Ore Corp. (CVE:FEO)’s share price rose 34% on Saturday . The stock traded as high as C$0.35 and last traded at C$0.34. Approximately 850,047 shares traded 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 business’s 50 day moving average is C$0.21 and its 200 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. The stock has a market cap of C$36.88 million, a price-to-earnings ratio of -16.75 and a beta of 0.99.

Insider Buying and Selling

In related news, insider Frank Giustra sold 1,629,500 shares of the firm’s 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 transaction of C$342,520.90. Insiders sold a total of 1,749,949 shares of company stock valued at $368,344 in the last quarter. 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.