MagneGas Co. (NASDAQ:MNGA) shares dropped 8.1% during trading on Thursday . The stock traded as low as $0.32 and last traded at $0.34. Approximately 646,600 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 339,666 shares. The stock had previously closed at $0.37.
Separately, ValuEngine raised MagneGas from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 12th.
The company has a debt-to-equity ratio of 0.08, a current ratio of 0.70 and a quick ratio of 0.26.
A hedge fund recently raised its stake in MagneGas stock. Virtu KCG Holdings LLC lifted its position in shares of MagneGas Co. (NASDAQ:MNGA) by 709.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,468 shares of the oil and gas company’s stock after purchasing an additional 96,829 shares during the quarter. Virtu KCG Holdings LLC owned approximately 1.85% of MagneGas worth $136,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 5.23% of the company’s stock.
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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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