MagneGas (MNGA) Shares Down 9.4%

MagneGas Co. (NASDAQ:MNGA) was down 9.4% during trading on Friday . The stock traded as low as $0.33 and last traded at $0.35. Approximately 1,797,000 shares traded hands during mid-day trading, an increase of 69% from the average daily volume of 1,061,400 shares. The stock had previously closed at $0.32.

Separately, ValuEngine upgraded shares of 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.

MagneGas (NASDAQ:MNGA) last released its earnings results on Wednesday, November 15th. The oil and gas company reported ($0.39) earnings per share (EPS) for the quarter. The firm had revenue of $0.88 million during the quarter. MagneGas had a negative net margin of 371.23% and a negative return on equity of 277.02%. sell-side analysts predict that MagneGas Co. will post -0.94 earnings per share for the current year.

In other news, Director Kevin Pollack bought 108,334 shares of MagneGas stock in a transaction on Friday, December 15th. The shares were bought at an average cost of $0.29 per share, for a total transaction of $31,416.86. Following the acquisition, the director now owns 131,813 shares in the company, valued at $38,225.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in MagneGas stock. Virtu KCG Holdings LLC raised its position in MagneGas Co. (NASDAQ:MNGA) by 709.9% during the second quarter, according to the company in its most recent 13F 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 period. Virtu KCG Holdings LLC owned about 1.85% of MagneGas worth $136,000 at the end of the most recent reporting period. 3.81% of the stock is owned by institutional investors.

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MagneGas Company Profile

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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