Oceanic Iron Ore (CVE:FEO) Shares Up 66.7% – Should You Buy?

Shares of Oceanic Iron Ore Corp. (CVE:FEO) shot up 66.7% during mid-day trading on Friday . The company traded as high as C$0.29 and last traded at C$0.28. 818,754 shares traded hands during 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 Stock Down 7.3 %

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 company has a market cap of C$28.07 million, a P/E ratio of -12.75 and a beta of 0.99. The stock’s 50-day moving average price is C$0.18 and its 200-day moving average price is C$0.14.

Insider Buying and Selling

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

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.