MagneGas Co. (NASDAQ:MNGA)’s share price hit a new 52-week high and low on Tuesday . The company traded as low as $0.55 and last traded at $0.54, with a volume of 17330 shares traded. The stock had previously closed at $0.56.
Separately, HC Wainwright set a $6.00 target price on MagneGas and gave the stock a “buy” rating in a research report on Wednesday, May 16th.
The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.07 and a current ratio of 1.64.
An institutional investor recently raised its position in MagneGas stock. Renaissance Technologies LLC lifted its stake in shares of MagneGas Co. (NASDAQ:MNGA) by 22.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 356,244 shares of the oil and gas company’s stock after acquiring 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 reporting period. 2.06% of the stock is currently owned by institutional investors.
MagneGas Corporation, an alternative energy company, creates and produces hydrogen based alternative fuel through the gasification of liquid and liquid waste in the United States and internationally. The company produces gas bottled in cylinders and distributes to the metalworking market as an alternative to acetylene.
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