MagneGas (MNGA) Trading 18.8% Higher

MagneGas Co. (NASDAQ:MNGA) traded up 18.8% during trading on Monday . The company traded as high as $0.39 and last traded at $0.38. 25,176,875 shares changed hands during trading, an increase of 582% from the average session volume of 3,690,198 shares. The stock had previously closed at $0.32.

Separately, HC Wainwright reaffirmed 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 current ratio of 1.36 and a quick ratio of 0.79.

MagneGas (NASDAQ:MNGA) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.93 million. MagneGas had a negative return on equity of 115.89% and a negative net margin of 226.28%. On average, sell-side analysts predict that MagneGas Co. will post -0.74 EPS for the current 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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