Oceanic Iron Ore (CVE:FEO) Shares Down 14.6% – Here’s Why

Oceanic Iron Ore Corp. (CVE:FEO) fell 14.6% during trading on Friday . The company traded as low as C$0.18 and last traded at C$0.18. 136,850 shares changed hands during trading, an increase of 34% from the average session volume of 102,229 shares. The stock had previously closed at C$0.21.

Oceanic Iron Ore Price Performance

The stock has a 50 day moving average of C$0.19 and a two-hundred day moving average of C$0.16. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03. The firm has a market capitalization of C$19.26 million, a P/E ratio of -8.75 and a beta of 0.99.

Insider Activity

In other news, Director Christopher Ross Batalha purchased 700,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of C$0.18 per share, for a total transaction of C$126,000.00. 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.