MagneGas Corporation (MNGA) Trading Up 6.8%

MagneGas Corporation (NASDAQ:MNGA) shares were up 6.8% during mid-day trading on Monday . The company traded as high as $0.68 and last traded at $0.64. Approximately 581,633 shares traded hands during trading, an increase of 6% from the average daily volume of 547,460 shares. The stock had previously closed at $0.60.

Separately, ValuEngine downgraded MagneGas Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd.

The firm has a 50-day moving average of $0.56 and a 200-day moving average of $2.24. The firm’s market capitalization is $8.66 million.

An institutional investor recently raised its position in MagneGas Corporation stock. Virtu KCG Holdings LLC boosted its stake in shares of MagneGas Corporation (NASDAQ:MNGA) by 709.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 110,468 shares of the oil and gas company’s stock after acquiring an additional 96,829 shares during the quarter. Virtu KCG Holdings LLC owned 1.85% of MagneGas Corporation worth $136,000 at the end of the most recent reporting period. 2.43% of the stock is currently owned by hedge funds and other institutional investors.

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MagneGas Corporation 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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