Rodman & Renshaw Initiates Coverage on MagneGas Corporation to Buy

Rodman & Renshaw Initiates Coverage on MagneGas Corporation(NASDAQ:MNGA). The shares have been rated Buy. The rating by Rodman & Renshaw was issued on Apr 13, 2016.

MagneGas Corporation (MNGA) shares turned negative on Fridays trading session with the shares closing down -0.03 points or -2.73% at a volume of 2,11,718. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $1.12. The peak price level was also seen at $1.12 while the days lowest was $1.07. Finally the shares closed at $1.07. The 52-week high of the shares is $2.5 while the 52-week low is $0.5231. According to the latest information available, the market cap of the company is $49 M.

MagneGas Corporation(MNGA) last announced its earnings results on Mar 23, 2016 for Fiscal Year 2015 and Q4.Earnings per share were $-0.06.

Several Insider Transactions has been reported to the SEC. On Apr 8, 2016, Carla Santilli (director) sold 57,760 shares at $1.04 per share price.Also, On Feb 1, 2016, Luisa Ingargiola (Chief Financial Officer) sold 103,426 shares at $1.25 per share price.On Jun 19, 2015, Christopher Huntington (director) sold 43,668 shares at $1.09 per share price, according to the Form-4 filing with the securities and exchange commission.

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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