Magnegas Applied Tchnlgy Sltns (MNGA) Stock Price Down 16%

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Magnegas Applied Tchnlgy Sltns Inc (NASDAQ:MNGA)’s share price dropped 16% during mid-day trading on Thursday . The stock traded as low as $0.18 and last traded at $0.21. Approximately 75,894,086 shares changed hands during trading, an increase of 358% from the average daily volume of 16,555,756 shares. The stock had previously closed at $0.25.

Separately, HC Wainwright reissued a “buy” rating and set a $1.50 price target on shares of Magnegas Applied Tchnlgy Sltns in a report on Thursday, November 15th.

The company has a current ratio of 1.97, a quick ratio of 1.40 and a debt-to-equity ratio of 0.04.

Magnegas Applied Tchnlgy Sltns (NASDAQ:MNGA) last announced its quarterly earnings results on Wednesday, November 14th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. Magnegas Applied Tchnlgy Sltns had a negative net margin of 182.04% and a negative return on equity of 98.33%. The firm had revenue of $2.60 million during the quarter, compared to the consensus estimate of $3.13 million. As a group, equities analysts expect that Magnegas Applied Tchnlgy Sltns Inc will post -0.52 earnings per share for the current year.

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About Magnegas Applied Tchnlgy Sltns (NASDAQ:MNGA)

MagneGas Applied Technology Solutions, Inc, an alternative energy company, creates and produces hydrogen based fuel through the gasification of liquid and liquid waste in the United States and internationally. The company offers MagneGas2, a hydrogen-based fuel for metal cutting as an alternative to acetylene.

Read More: Book Value Per Share – BVPS

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