MagneGas Co. (MNGA) Given Average Rating of “Strong Buy” by Analysts

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MagneGas Co. (NASDAQ:MNGA) has earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating.

Brokers have set a twelve-month consensus price target of $12.00 for the company and are forecasting that the company will post ($0.13) EPS for the current quarter, according to Zacks. Zacks has also given MagneGas an industry rank of 187 out of 255 based on the ratings given to its competitors.

Separately, HC Wainwright set a $6.00 price target on shares of MagneGas and gave the stock a “buy” rating in a research report on Wednesday, April 4th.

Shares of MagneGas stock traded down $0.02 during trading on Friday, hitting $0.25. 1,877,338 shares of the stock were exchanged, compared to its average volume of 1,593,574. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.07 and a current ratio of 1.64. MagneGas has a 12 month low of $0.24 and a 12 month high of $11.99.

MagneGas (NASDAQ:MNGA) last released its quarterly earnings results on Wednesday, May 16th. The oil and gas company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.21). The firm had revenue of $1.17 million for the quarter, compared to the consensus estimate of $1.01 million. MagneGas had a negative return on equity of 146.19% and a negative net margin of 304.45%. research analysts predict that MagneGas will post -0.8 earnings per share for the current fiscal year.

An institutional investor recently raised its position in MagneGas stock. Renaissance Technologies LLC increased its stake in MagneGas Co. (NASDAQ:MNGA) by 22.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 356,244 shares of the oil and gas company’s stock after purchasing an additional 65,900 shares during the quarter. Renaissance Technologies LLC owned about 20.36% of MagneGas worth $114,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 1.24% of the company’s stock.

MagneGas Company Profile

MagneGas Corporation, an alternative energy company, creates and produces hydrogen based fuel through the gasification of liquid and liquid waste in the United States and internationally. It offers MagneGas2, a hydrogen-based fuel for metal cutting as an alternative to acetylene. The company also provides Plasma Arc Flow refineries, which are machines that produce MagneGas2.

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