Oceanic Iron Ore (CVE:FEO) Trading Down 15% – Should You Sell?

Oceanic Iron Ore Corp. (CVE:FEO)’s share price dropped 15% on Saturday . The stock traded as low as C$0.24 and last traded at C$0.26. Approximately 366,000 shares were traded during trading, an increase of 238% from the average daily volume of 108,303 shares. The stock had previously closed at C$0.30.

Oceanic Iron Ore Price Performance

The company has a debt-to-equity ratio of 15.79, a current ratio of 0.03 and a quick ratio of 0.43. The company’s 50 day moving average price is C$0.22 and its 200 day moving average price is C$0.20. The firm has a market capitalization of C$28.07 million, a P/E ratio of -12.75 and a beta of 0.99.

Insider Buying and Selling at Oceanic Iron Ore

In other Oceanic Iron Ore news, insider Frank Giustra sold 1,629,500 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. Also, Director Gordon Keep sold 100,000 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of C$0.29, for a total transaction of C$29,000.00. Over the last quarter, insiders sold 1,849,949 shares of company stock worth $397,344. Company insiders own 107.26% of the company’s stock.

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.