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

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 0.455 on Friday. The stock has a 50 day moving average of $0.64 and a 200-day moving average of $0.67. The company’s market cap is $23.72 million. MagneGas Corp. has a 1-year low of $0.44 and a 1-year high of $2.50.

MagneGas Corp. (NASDAQ:MNGA) last issued its earnings results on Monday, November 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. The firm earned $1 million during the quarter. MagneGas Corp. had a negative net margin of 417.93% and a negative return on equity of 99.78%. On average, equities research analysts predict that MagneGas Corp. will post ($0.23) earnings per share for the current year.

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In related news, Director Carla Santilli sold 25,000 shares of the company’s stock in a transaction dated Thursday, December 29th. The shares were sold at an average price of $1.64, for a total value of $41,000.00. Following the transaction, the director now 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 can be accessed through this link. 13.50% of the stock is currently owned by 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.

5 Day Chart for NASDAQ:MNGA

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