Zacks: MagneGas Co. (MNGA) Given $31.48 Average Price Target by Brokerages

Shares of MagneGas Co. (NASDAQ:MNGA) have earned an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

Brokers have set a 12-month consensus price target of $31.48 for the company, according to Zacks. Zacks has also assigned MagneGas an industry rank of 229 out of 265 based on the ratings given to its competitors.

MagneGas (MNGA) traded down $0.57 during midday trading on Friday, hitting $3.58. 583,104 shares of the company were exchanged, compared to its average volume of 98,026. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.70 and a quick ratio of 0.26. The stock has a market cap of $5.43, a P/E ratio of -0.11 and a beta of -0.41. MagneGas has a 1 year low of $3.53 and a 1 year high of $84.00.

MagneGas (NASDAQ:MNGA) last posted its earnings results on Wednesday, November 15th. The oil and gas company reported ($0.39) EPS for the quarter. The company had revenue of $0.88 million during the quarter. MagneGas had a negative net margin of 371.23% and a negative return on equity of 277.02%. equities analysts expect that MagneGas will post -14.09 earnings per share for the current year.

In related news, Director Carla Santilli sold 108,334 shares of the stock in a transaction on Friday, January 12th. The shares were sold at an average price of $0.31, for a total value of $33,583.54. Following the transaction, the director now directly owns 375,199 shares of the company’s stock, valued at approximately $116,311.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 180,843 shares of company stock worth $60,288 over the last ninety days. Insiders own 10.00% of the company’s stock.

An institutional investor recently raised its position in MagneGas stock. Virtu KCG Holdings LLC lifted its stake in MagneGas Co. (NASDAQ:MNGA) by 709.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,468 shares of the oil and gas company’s stock after buying an additional 96,829 shares during the period. Virtu KCG Holdings LLC owned approximately 1.85% of MagneGas worth $136,000 at the end of the most recent quarter. Institutional investors own 3.81% of the company’s stock.

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MagneGas 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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