MagneGas Co. (NASDAQ:MNGA) reached a new 52-week high and low during trading on Thursday . The company traded as low as $0.38 and last traded at $0.40, with a volume of 12115 shares changing hands. The stock had previously closed at $0.41.
Separately, HC Wainwright set a $6.00 price target on shares of MagneGas and gave the company a “buy” rating in a report on Thursday, March 1st.
The company has a quick ratio of 1.07, a current ratio of 1.64 and a debt-to-equity ratio of 0.04.
An institutional investor recently raised its position in MagneGas stock. Renaissance Technologies LLC grew its position in shares of MagneGas Co. (NASDAQ:MNGA) by 22.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 356,244 shares of the oil and gas company’s stock after buying an additional 65,900 shares during the quarter. Renaissance Technologies LLC owned 20.36% of MagneGas worth $114,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 1.49% of the company’s stock.
MagneGas Company Profile
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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