MagneGas Corp. (NASDAQ:MNGA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

MagneGas Corp. (NASDAQ:MNGA) opened at 0.683 on Wednesday. The firm has a 50 day moving average of $0.65 and a 200-day moving average of $0.76. MagneGas Corp. has a 52 week low of $0.53 and a 52 week high of $2.50. The stock’s market capitalization is $34.66 million.

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In other MagneGas Corp. news, Director Carla Santilli sold 20,000 shares of MagneGas Corp. stock in a transaction that occurred on Saturday, December 31st. The shares were sold at an average price of $1.64, for a total transaction of $32,800.00. Following the completion of the sale, the director now directly owns 4,212,900 shares in the company, valued at approximately $6,909,156. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 13.57% 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.

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