MagneGas Co. (NASDAQ:MNGA) saw an uptick in trading volume on Wednesday . 8,704,309 shares were traded during trading, an increase of 509% from the previous session’s volume of 1,429,890 shares.The stock last traded at $1.03 and had previously closed at $0.94.
Separately, HC Wainwright set a $6.00 price target on MagneGas and gave the company a “buy” rating in a report on Thursday, March 1st.
The company has a current ratio of 0.70, a quick ratio of 0.26 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.56, a P/E ratio of -0.03 and a beta of -0.47.
In other news, Director Kevin Pollack bought 108,334 shares of the stock in a transaction on Friday, December 15th. The shares were purchased at an average price of $0.29 per share, for a total transaction of $31,416.86. Following the completion of the purchase, the director now directly owns 131,813 shares of the company’s stock, valued at approximately $38,225.77. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.45% of the company’s stock.
An institutional investor recently raised its position in MagneGas stock. Renaissance Technologies LLC raised its position in MagneGas Co. (NASDAQ:MNGA) by 22.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 356,244 shares of the oil and gas company’s stock after purchasing an additional 65,900 shares during the quarter. Renaissance Technologies LLC owned approximately 20.36% of MagneGas worth $114,000 at the end of the most recent quarter. 40.47% of the stock is currently owned by institutional investors.
WARNING: This news story was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright legislation. The original version of this news story can be read at https://ledgergazette.com/2018/03/14/magnegas-mnga-sees-strong-trading-volume-2.html.
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.
Receive News & Ratings for MagneGas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MagneGas and related companies with MarketBeat.com's FREE daily email newsletter.