MagneGas (MNGA) Shares Gap Down to $0.37

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MagneGas Co. (NASDAQ:MNGA) gapped down before the market opened on Thursday . The stock had previously closed at $0.49, but opened at $0.37. MagneGas shares last traded at $0.27, with a volume of 58150523 shares.

Separately, HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of MagneGas in a research report on Wednesday, August 15th.

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.79 and a current ratio of 1.36.

MagneGas (NASDAQ:MNGA) last issued its earnings results on Tuesday, August 14th. The oil and gas company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.10). The firm had revenue of $2.91 million during the quarter, compared to the consensus estimate of $1.93 million. MagneGas had a negative net margin of 226.28% and a negative return on equity of 115.89%. On average, equities analysts anticipate that MagneGas Co. will post -0.74 earnings per share for the current year.

MagneGas Company Profile (NASDAQ:MNGA)

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.

Further Reading: Short Selling Stocks, A Beginner’s Guide

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