Oceanic Iron Ore (CVE:FEO) Shares Down 22.2% – Here’s What Happened

Oceanic Iron Ore Corp. (CVE:FEO) dropped 22.2% on Saturday . The company traded as low as C$0.18 and last traded at C$0.18. Approximately 110,530 shares changed hands during trading, a decline of 27% from the average daily volume of 151,612 shares. The stock had previously closed at C$0.23.

Oceanic Iron Ore Stock Down 22.2 %

The business’s 50 day moving average price is C$0.18 and its 200-day moving average price is C$0.14. The company has a debt-to-equity ratio of 15.79, a current ratio of 0.03 and a quick ratio of 0.43. The company has a market cap of C$19.26 million, a P/E ratio of -8.75 and a beta of 0.99.

Insider Activity

In related news, Director Christopher Ross Batalha acquired 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 that occurred 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. Over the last 90 days, insiders sold 494,500 shares of company stock worth $129,248. 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.