MagneGas Corp. (MNGA) Posts Earnings Results, Misses Expectations By $0.03 EPS
MagneGas Corp. (NASDAQ:MNGA) issued its quarterly earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. MagneGas Corp. had a negative net margin of 413.55% and a negative return on equity of 84.98%. The firm earned $1 million during the quarter.
Shares of MagneGas Corp. (NASDAQ:MNGA) opened at 0.65 on Wednesday. The company’s market capitalization is $32.99 million. MagneGas Corp. has a one year low of $0.53 and a one year high of $2.50. The stock has a 50 day moving average price of $0.68 and a 200-day moving average price of $0.70.
Separately, Zacks Investment Research downgraded MagneGas Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 20th.
In other news, Director Carla Santilli sold 20,000 shares of the stock in a transaction dated Saturday, December 31st. The stock was sold at an average price of $1.64, for a total transaction of $32,800.00. Following the transaction, the director now owns 4,212,900 shares of the company’s stock, valued at approximately $6,909,156. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.
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