Oceanic Iron Ore (CVE:FEO) Shares Pass Below 200-Day Moving Average – What’s Next?

Shares of Oceanic Iron Ore Corp. (CVE:FEO) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$0.83 and traded as low as C$0.75. Oceanic Iron Ore shares last traded at C$0.77, with a volume of 88,550 shares traded.

Analysts Set New Price Targets

Separately, Haywood Securities set a C$2.00 price objective on shares of Oceanic Iron Ore and gave the stock a “buy” rating in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$2.00.

Oceanic Iron Ore Stock Performance

The stock’s 50-day moving average is C$0.87 and its 200-day moving average is C$0.83. The firm has a market capitalization of C$169.11 million, a price-to-earnings ratio of -0.91 and a beta of 2.96. The company has a current ratio of 0.03, a quick ratio of 0.43 and a debt-to-equity ratio of 15.79.

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. The company was formerly known as Pacific Harbour Capital Ltd. and changed its name to Oceanic Iron Ore Corp. in November 2010. Oceanic Iron Ore Corp.