Oceanic Iron Ore (CVE:FEO) Shares Up 17.1% – Here’s Why

Oceanic Iron Ore Corp. (CVE:FEO)’s share price rose 17.1% during mid-day trading on Friday . The company traded as high as C$0.21 and last traded at C$0.21. Approximately 26,550 shares changed hands during trading, a decline of 73% from the average daily volume of 99,526 shares. The stock had previously closed at C$0.18.

Oceanic Iron Ore Price Performance

The business’s 50 day simple moving average is C$0.19 and its 200-day simple moving average is C$0.16. 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 stock has a market capitalization of C$22.57 million, a price-to-earnings ratio of -10.25 and a beta of 0.99.

Insider Activity

In other news, Director Christopher Ross Batalha purchased 700,000 shares of the stock in a transaction 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. 107.26% of the stock is currently 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.