MagneGas (MNGA) Trading Down 17.1%
Shares of MagneGas Co. (NASDAQ:MNGA) dropped 17.1% during trading on Friday . The stock traded as low as $0.29 and last traded at $0.29. Approximately 1,195,300 shares were traded during trading, an increase of 241% from the average daily volume of 350,181 shares. The stock had previously closed at $0.35.
Separately, ValuEngine upgraded MagneGas from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 12th.
The company has a quick ratio of 0.26, a current ratio of 0.70 and a debt-to-equity ratio of 0.08.
An institutional investor recently raised its position in MagneGas stock. Virtu KCG Holdings LLC grew its position in MagneGas Co. (NASDAQ:MNGA) by 709.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,468 shares of the oil and gas company’s stock after acquiring an additional 96,829 shares during the quarter. Virtu KCG Holdings LLC owned about 1.85% of MagneGas worth $136,000 as of its most recent SEC filing. Institutional investors own 5.23% of the company’s stock.
MagneGas Company Profile
MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions.
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