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

Shares of Oceanic Iron Ore Corp. (CVE:FEO) rose 17% on Friday . The stock traded as high as C$0.60 and last traded at C$0.55. Approximately 244,120 shares traded hands during mid-day trading, an increase of 98% from the average daily volume of 123,524 shares. The stock had previously closed at C$0.47.

Oceanic Iron Ore Stock Performance

The company has a 50-day moving average price of C$0.30 and a two-hundred day moving average price of C$0.23. 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$60.54 million, a P/E ratio of -27.50 and a beta of 0.99.

Insider Buying and Selling at Oceanic Iron Ore

In other news, Director Gordon Keep sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of C$0.29, for a total value of C$29,000.00. Also, insider Frank Giustra sold 1,629,500 shares of the firm’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of C$0.21, for a total value of C$342,520.90. Over the last three months, insiders have sold 1,829,500 shares of company stock worth $396,321. 107.26% of the stock is owned by 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.