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

Oceanic Iron Ore Corp. (CVE:FEO)’s share price traded up 34% during mid-day trading on Saturday . The stock traded as high as C$0.35 and last traded at C$0.34. 850,047 shares were traded during 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 Price 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 company has a market capitalization of C$36.88 million, a price-to-earnings ratio of -16.75 and a beta of 0.99. The company has a 50-day moving average price of C$0.21 and a 200-day moving average price of C$0.19.

Insiders Place Their Bets

In related news, insider Frank Giustra sold 1,629,500 shares of the business’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. Over the last 90 days, insiders have sold 1,749,949 shares of company stock worth $368,344. 107.26% of the stock is owned by company insiders.

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.