Shares of MagneGas Corp (NASDAQ: MNGA), engaged in creating a system that produces hydrogen based fuel through the gasification of liquid and liquid waste, recorded over 20.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. MNGA was among the top performers in the U.S industrials sector after gaining 20.5% and closed at $0.85 Tuesday, while recording significant trading volumes of 2.2 million shares. It also breached its key technical resistance level of 50-Day DMA at $0.76. The rise in the stock’s price is due to the recent announcement made by the company that it has received formal confirmation from the Special Operations Command of the Fire Department of the City of New York, which has successfully completed testing of MagneGas® for use as a metal cutting and extraction tool and has placed its first order of fuel. During the past 5-trading sessions, MGNA gained 30.0% with daily average trading volumes of 1.8 million shares, while the stock accumulated 16.6% gain during the past one month with daily average trading volumes of 453,098 shares. The stock is up 25.0% year-to-date.
Company Description:
MagneGas Corporation (NASDAQ: MNGA) provides services in cleaning and converting contaminated waste. The company recycles city sludge, animal manure, and other liquid waste materials into a clean burning biogas that can be used to operate machinery designed to use natural gas or used for a metal cutting fuel.
1-Year Stock Chart:
Source: Bloomberg
