Could MagneGas Corporation (MNGA) Change Direction After Reaching 52 Week Low?

July 16, 2018 - By Catherine Diaz

MagneGas Corporation (NASDAQ:MNGA) Logo

The stock of MagneGas Corporation (NASDAQ:MNGA) hit a new 52-week low and has $0.28 target or 8.00 % below today’s $0.30 share price. The 8 months bearish chart indicates high risk for the $6.12 million company. The 1-year low was reported on Jul, 16 by Barchart.com. If the $0.28 price target is reached, the company will be worth $489,920 less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock.

The stock decreased 5.44% or $0.0174 during the last trading session, reaching $0.3027. About 2.99M shares traded or 51.65% up from the average. MagneGas Corporation (NASDAQ:MNGA) has declined 98.39% since July 16, 2017 and is downtrending. It has underperformed by 110.96% the S&P500.

Analysts await MagneGas Corporation (NASDAQ:MNGA) to report earnings on August, 20. They expect $-0.13 earnings per share, up 98.12 % or $6.77 from last year’s $-6.9 per share. After $-0.51 actual earnings per share reported by MagneGas Corporation for the previous quarter, Wall Street now forecasts -74.51 % EPS growth.

More important recent MagneGas Corporation (NASDAQ:MNGA) news were published by: Seekingalpha.com which released: “MagneGas posts record Q2 sales” on July 11, 2018, also Globenewswire.com published article titled: “MagneGas Completes $556000 Financing”, Globenewswire.com published: “MagneGas Announces Board Reconstitution” on June 19, 2018. More interesting news about MagneGas Corporation (NASDAQ:MNGA) was released by: Seekingalpha.com and their article: “Board shakeup at MagneGas” with publication date: June 19, 2018.

MagneGas Corporation, an alternative energy company, creates and produces hydrogen based alternative fuel through the gasification of liquid and liquid waste in the United States and internationally. The company has market cap of $6.12 million. The firm produces gas bottled in cylinders and distributes to the metalworking market as an alternative to acetylene. It currently has negative earnings. It offers MagneGas2, a hydrogen based fuel for metal cutting; and MagneTote, a metal cutting torch system primarily used in the firefighting industry.

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