Oceanic Iron Ore (CVE:FEO) Trading Down 18.3% – Time to Sell?

Oceanic Iron Ore Corp. (CVE:FEO) shares fell 18.3% during trading on Friday . The stock traded as low as C$0.24 and last traded at C$0.25. 309,000 shares were traded during trading, an increase of 187% from the average session volume of 107,739 shares. The stock had previously closed at C$0.30.

Oceanic Iron Ore Price Performance

The firm’s fifty day simple moving average is C$0.22 and its 200 day simple moving average is C$0.20. The firm has a market cap of C$28.07 million, a P/E ratio of -12.75 and a beta of 0.99. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03.

Insider Activity

In related news, insider Frank Giustra sold 1,629,500 shares of the 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. Also, Director Gordon Keep sold 100,000 shares of the 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 a total of 1,849,949 shares of company stock valued at $397,344 in the last three months. Insiders own 107.26% of the company’s stock.

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.