MagneGas (MNGA) Stock Price Down 5.3%

MagneGas Co. (NASDAQ:MNGA)’s share price was down 5.3% during trading on Friday . The stock traded as low as $0.94 and last traded at $1.00. Approximately 1,615,949 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 1,431,578 shares. The stock had previously closed at $0.95.

Separately, HC Wainwright set a $6.00 price objective on MagneGas and gave the company a “buy” rating in a research note on Thursday, March 1st.

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.26 and a current ratio of 0.70. The firm has a market cap of $1.81, a P/E ratio of -0.03 and a beta of -0.47.

In related news, Director Carla Santilli sold 108,334 shares of the company’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $0.31, for a total value of $33,583.54. Following the transaction, the director now owns 375,199 shares in the company, valued at $116,311.69. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

A hedge fund recently raised its stake in MagneGas stock. Renaissance Technologies LLC boosted its position in MagneGas Co. (NASDAQ:MNGA) by 22.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 356,244 shares of the oil and gas company’s stock after purchasing an additional 65,900 shares during the period. Renaissance Technologies LLC owned about 20.36% of MagneGas worth $114,000 as of its most recent SEC filing. 40.47% of the stock is owned by institutional investors and hedge funds.

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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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