MagneGas Corp. (NASDAQ:MNGA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
According to Zacks, “MagneGas Corporation is an alternative energy company that creates and produces hydrogen-based alternative fuel through the gasification of liquid waste. It produces MagneGas(TM), a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes. The company’s patented Plasma Arc Flow process gasifies liquid waste, creating a hydrogen based fuel for use in metal working, cooking, heating, and for powering bi fuel automobiles. MagneGas Corporation is based in Tarpon Springs, Florida. “
Shares of MagneGas Corp. (NASDAQ:MNGA) traded down 2.12% during trading on Friday, hitting $0.47. 176,225 shares of the stock were exchanged. MagneGas Corp. has a 1-year low of $0.47 and a 1-year high of $2.50. The firm’s 50-day moving average is $0.65 and its 200 day moving average is $0.68. The company’s market cap is $24.51 million.
MagneGas Corp. (NASDAQ:MNGA) last posted its quarterly earnings data on Monday, November 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. MagneGas Corp. had a negative net margin of 417.93% and a negative return on equity of 99.78%. The business earned $1 million during the quarter. Equities analysts forecast that MagneGas Corp. will post ($0.23) earnings per share for the current fiscal year.
In related news, Director Carla Santilli sold 166,780 shares of the business’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $0.69, for a total transaction of $115,078.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.50% of the company’s stock.
About MagneGas Corp.
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.