MagneGas Corporation (NASDAQ:MNGA) has been downgraded to Sell in a statement by Zacks Investment Research earlier today.
- Updated: September 17, 2016
Zacks Investment Research has downgraded MagneGas Corporation(NASDAQ:MNGA) to Sell in a statement released on 8/18/2016.
On Wednesday April 13 2016, Rodman & Renshaw reported about MagneGas Corporation(NASDAQ:MNGA) bumped the target price from $0.00 to $3.00. At the time, this indicated a possible upside of 1.75%.
Having a price of $0.61, MagneGas Corporation (NASDAQ:MNGA) traded 3.57% lower on the day. With the last stock close down 29.83% relative to the two hundred day moving average, compared with the Standard & Poor’s 500 Index which has fallen -0.01% over the date range. MNGA has been tracking to a 50-day moving average of $0.63 and two hundred day moving average of $0.85. Volume of trade was was down over the average, with 168,291 shares of MNGA changing hands under the typical 623,562 shares.
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With a market capitalization of $0.0, MagneGas Corporation has a one-year low of $0.53 and a 52 week high of $2.50 with a P/E ratio of 0.
Also covering MagneGas Corporation’s price target, a total of 1 analysts has reported on MagneGas Corporation. The one year target is $4.00 with 0 rating the company a strong buy, 0 rating the stock a buy, 0 analysts rating the stock a hold, 0 rating the stock to underperform, and finally 0 firmsrating the stock as sell.
More About MagneGas Corporation (NASDAQ:MNGA)
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. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. (ESSI), a Florida corporation. It distributes products through several industrial gas companies in California, Michigan, Florida, Georgia, Indiana, and and Pennsylvania.
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