MagneGas Co. (MNGA) Upgraded to Hold by ValuEngine
MagneGas Co. (NASDAQ:MNGA) was upgraded by equities research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
Shares of MagneGas (NASDAQ:MNGA) traded down 1.2292% during trading on Tuesday, reaching $1.8964. 74,397 shares of the company traded hands. The stock’s 50 day moving average is $3.01 and its 200 day moving average is $4.46. The company’s market capitalization is $113.02 million. MagneGas has a 1-year low of $1.80 and a 1-year high of $9.20.
MagneGas (NASDAQ:MNGA) last released its earnings results on Monday, May 15th. The oil and gas company reported ($0.30) earnings per share (EPS) for the quarter. The company had revenue of $0.87 million during the quarter. MagneGas had a negative net margin of 417.93% and a negative return on equity of 99.78%. On average, analysts forecast that MagneGas will post ($0.12) EPS for the current year.
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A hedge fund recently raised its stake in MagneGas stock. Vanguard Group Inc. increased its position in shares of MagneGas Co. (NASDAQ:MNGA) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,234,018 shares of the oil and gas company’s stock after buying an additional 57,642 shares during the period. Vanguard Group Inc. owned about 2.07% of MagneGas worth $544,000 as of its most recent SEC filing. Institutional investors own 3.42% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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