Zacks Investment Research downgraded shares of MagneGas Corp. (NASDAQ:MNGA) from a hold rating to a sell rating in a report published on Friday morning.
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) opened at 0.475 on Friday. MagneGas Corp. has a 52 week low of $0.47 and a 52 week high of $2.50. The firm’s market capitalization is $24.77 million. The firm has a 50-day moving average of $0.64 and a 200 day moving average of $0.68.
MagneGas Corp. (NASDAQ:MNGA) last announced its quarterly earnings results on Monday, November 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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. On average, equities analysts predict that MagneGas Corp. will post ($0.23) earnings per share for the current fiscal year.
In other MagneGas Corp. news, Director Carla Santilli sold 166,780 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $0.69, for a total value of $115,078.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.50% of the stock is currently owned by company insiders.
MagneGas Corp. 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.