MagneGas (MNGA) Sees Large Volume Increase

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MagneGas Co. (NASDAQ:MNGA) shares saw unusually-high trading volume on Thursday . Approximately 33,754,695 shares traded hands during trading, an increase of 2,674% from the previous session’s volume of 1,216,885 shares.The stock last traded at $0.56 and had previously closed at $0.37.

Separately, HC Wainwright set a $6.00 target price on MagneGas and gave the company a “buy” rating in a report on Wednesday, April 4th.

The company has a current ratio of 1.64, a quick ratio of 1.07 and a debt-to-equity ratio of 0.04.

A hedge fund recently raised its stake in MagneGas stock. Renaissance Technologies LLC raised its stake in shares of MagneGas Co. (NASDAQ:MNGA) by 22.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. 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 about 20.36% of MagneGas worth $114,000 at the end of the most recent reporting period. 1.49% of the stock is currently owned by institutional investors.

About MagneGas

MagneGas Corporation, an alternative energy company, creates and produces hydrogen based fuel through the gasification of liquid and liquid waste in the United States and internationally. It offers MagneGas2, a hydrogen-based fuel for metal cutting as an alternative to acetylene. The company also provides Plasma Arc Flow refineries, which are machines that produce MagneGas2.

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