MagneGas Corp. (NASDAQ:MNGA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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 0.475 on Thursday. The company’s 50 day moving average price is $0.64 and its 200 day moving average price is $0.67. MagneGas Corp. has a 12 month low of $0.44 and a 12 month high of $2.50. The stock’s market cap is $24.77 million.

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

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In other MagneGas Corp. news, Director Carla Santilli sold 37,011 shares of the company’s stock in a transaction that occurred on Friday, October 21st. The stock was sold at an average price of $0.79, for a total transaction of $29,238.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.50% of the stock is 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.

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