Oceanic Iron Ore (CVE:FEO) Stock Price Down 15% – Here’s Why

Oceanic Iron Ore Corp. (CVE:FEO) traded down 15% during mid-day trading on Saturday . The stock traded as low as C$0.24 and last traded at C$0.26. 366,000 shares changed hands during trading, an increase of 238% from the average session volume of 108,303 shares. The stock had previously closed at C$0.30.

Oceanic Iron Ore Price Performance

The firm’s 50-day moving average price is C$0.22 and its 200-day moving average price is C$0.20. 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 has a market capitalization of C$28.07 million, a PE ratio of -12.75 and a beta of 0.99.

Insider Activity

In other news, Director Gordon Keep sold 100,000 shares of the company’s stock in a transaction dated Monday, July 7th. The shares were sold at an average price of C$0.29, for a total transaction of C$29,000.00. Also, insider Frank Giustra sold 1,629,500 shares of the company’s stock in a transaction dated 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 have sold a total of 1,849,949 shares of company stock worth $397,344 over the last 90 days. Corporate 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.