MagneGas (MNGA) Shares Gap Up to $0.29

MagneGas Co. (NASDAQ:MNGA)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $0.28, but opened at $0.29. MagneGas shares last traded at $0.28, with a volume of 122467 shares.

Separately, HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of MagneGas in a research note 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 quarterly earnings data on Tuesday, August 14th. The oil and gas company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.10). MagneGas had a negative return on equity of 115.89% and a negative net margin of 226.28%. The business had revenue of $2.91 million during the quarter, compared to analysts’ expectations of $1.93 million. On average, sell-side analysts anticipate that MagneGas Co. will post -0.74 earnings per share for the current fiscal year.

About MagneGas (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.

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