Analyst Rating Update on MagneGas Corporation (MNGA)

MagneGas Corporation (NASDAQ:MNGA) has an average broker rating of 1, which is interpreted as a Strong Buy, as rated by 1 equity analysts. Nonetheless, 1 analysts are positive on the stocks future and they recommend a Strong Buy on the stock. Ranking by Zacks Investment Research for Coach Inc is 2, which is also a Buy.

For the current week, the company shares have a recommendation consensus of Buy. Also, Rodman & Renshaw initiates coverage on MagneGas Corporation (NASDAQ:MNGA). Rodman & Renshaw has a Buy rating on the shares. As per the latest report, the brokerage house announces the price target to $3 per share. The rating by the firm was issued on April 13, 2016.

MagneGas Corporation (NASDAQ:MNGA): On Tuesdays trading session , Opening price of the stock was $0.694 with an intraday high of $0.694. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $0.5602. However, the stock managed to close at $0.5626, a loss of 18.46% for the day. On the previous day, the stock had closed at $0.69. The total traded volume of the day was 2,024,573 shares.

In an insider trading activity, Santilli Carla, director of Magnegas Corp, unloaded 22,900 shares at an average price of $1.01 on May 6, 2016. The total amount of the transaction was worth $23,129, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

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 has two products: a fuel called MagneGas and the machines that produce that gas known as, Plasma Arc Flow System. It has developed a process, which transforms various types of liquid waste through a plasma arc machine. The Company produces gas bottled in cylinders for the purpose of distribution to the metalworking market as an alternative to acetylene. The Company has retail and wholesale platforms to sell its fuel for use in the metalworking and manufacturing industries. The Company produces fuel for the metalworking fuel market. It distributes products through several industrial gas companies in California, Michigan, Florida, Georgia, Indiana, and Pennsylvania. In addition, it has direct retail customers in Florida and New York.

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