MagneGas Corporation (MNGA) lost ground during morning trading on September 23 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector halfway through the trading day. At the lunch break, shares of MNGA have fallen 3.31% to $0.68 after closing the day prior at $0.7. So far, the stock has traded as high as $0.71 and as low as $0.66. Today’s decline has come with about 464,745 shares changing hands, compared to an average 30-day volume of 380,832 for MagneGas Corporation. The price is currently below the 30-day volume weighted average price of $0.68 for MNGA.
The share depreciation gives the company a market capitalization of $35.52 million based upon 50.75 million shares outstanding. It also means that MNGA has a price-to-book ratio of 4.33:1.
In the past 52 weeks, shares of MNGA have traded as low as $0.53 and as high as $2.5. Technical traders will take note that at $0.68, shares of MNGA are trading below their 200-day MA at $0.99 and above their 50-day MA at $0.62. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is MNGA?
MagneGas Corp is an alternative energy company that creates a system that produces hydrogen based fuel through the gasification of liquid and liquid waste. Its operating industry include; Metalworking, Liquid Waste Processing and Co-Combustion. The company’s 39 employees are led by CEO Ermanno P. Santilli from the corporate headquarters at 150 Rainville Road in Tarpon Springs, FL.
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