MagneGas (MNGA) Sets New 12-Month High and Low at $0.38

MagneGas Co. (NASDAQ:MNGA) shares hit a new 52-week high and low 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 objective on shares of MagneGas and gave the company 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.

A hedge fund recently raised its stake in MagneGas stock. Renaissance Technologies LLC grew its holdings in MagneGas Co. (NASDAQ:MNGA) by 22.7% during the 4th quarter, according to its most recent Form 13F 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 period. Renaissance Technologies LLC owned 20.36% of MagneGas worth $114,000 as of its most recent SEC filing. 1.49% of the stock is owned by hedge funds and other institutional investors.

About MagneGas

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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