Oceanic Iron Ore (CVE:FEO) Trading 66.7% Higher – Time to Buy?

Oceanic Iron Ore Corp. (CVE:FEO) shares shot up 66.7% during mid-day trading on Friday . The stock traded as high as C$0.29 and last traded at C$0.28. 818,754 shares changed hands during mid-day trading, an increase of 344% from the average session volume of 184,422 shares. The stock had previously closed at C$0.17.

Oceanic Iron Ore Price Performance

The stock has a 50-day moving average price of C$0.18 and a 200 day moving average price of C$0.14. The stock has a market capitalization of C$28.07 million, a price-to-earnings ratio of -12.75 and a beta of 0.99. The company has a current ratio of 0.03, a quick ratio of 0.43 and a debt-to-equity ratio of 15.79.

Insider Activity

In related news, Director Christopher Ross Batalha bought 700,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of C$0.18 per share, for a total transaction of C$126,000.00. Also, Director Gordon Keep sold 355,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of C$0.27, for a total transaction of C$95,850.00. Insiders have sold a total of 510,000 shares of company stock worth $128,700 over the last quarter. 107.26% of the stock is currently owned by corporate insiders.

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.