Oceanic Iron Ore (CVE:FEO) Trading 17% Higher – What’s Next?

Oceanic Iron Ore Corp. (CVE:FEO) was up 17% during mid-day trading on Friday . The stock traded as high as C$0.60 and last traded at C$0.55. Approximately 192,120 shares traded hands during trading, an increase of 56% from the average daily volume of 122,878 shares. The stock had previously closed at C$0.47.

Oceanic Iron Ore Price Performance

The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79. The firm’s 50-day moving average is C$0.30 and its 200-day moving average is C$0.23. The company has a market cap of C$60.54 million, a PE ratio of -27.50 and a beta of 0.99.

Insider Activity

In related news, insider Frank Giustra sold 1,629,500 shares of the business’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. Also, Director Gordon Keep sold 100,000 shares of the business’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. Insiders have sold 1,829,500 shares of company stock worth $396,321 in the last quarter. 107.26% of the stock is owned by corporate insiders.

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.