Short Interest in MagneGas Corporation (MNGA) Decreases By 41.6%
MagneGas Corporation (NASDAQ:MNGA) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 378,948 shares, a drop of 41.6% from the August 15th total of 648,363 shares. Based on an average trading volume of 1,206,492 shares, the short-interest ratio is currently 0.3 days. Approximately 3.4% of the company’s stock are sold short.
Separately, ValuEngine upgraded MagneGas Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, May 23rd.
MagneGas Corporation (NASDAQ MNGA) opened at 0.6319 on Friday. The company’s market capitalization is $7.69 million. MagneGas Corporation has a 52 week low of $0.40 and a 52 week high of $8.70. The firm’s 50-day moving average price is $0.55 and its 200 day moving average price is $2.16.
An institutional investor recently raised its position in MagneGas Corporation stock. Virtu KCG Holdings LLC raised its position in MagneGas Corporation (NASDAQ:MNGA) by 709.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm 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 approximately 1.85% of MagneGas Corporation worth $136,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 2.43% of the company’s stock.
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About MagneGas Corporation
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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