What Next for MagneGas Corporation (MNGA) Stock After Achieving Yearly Low?

June 17, 2018 - By Winifred Garcia

MagneGas Corporation (NASDAQ:MNGA) Logo

The stock of MagneGas Corporation (NASDAQ:MNGA) hit a new 52-week low and has $0.36 target or 7.00 % below today’s $0.39 share price. The 6 months bearish chart indicates high risk for the $6.13M company. The 1-year low was reported on Jun, 17 by Barchart.com. If the $0.36 price target is reached, the company will be worth $429,240 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 2.13% or $0.01 during the last trading session, reaching $0.39. About 347,264 shares traded. MagneGas Corporation (NASDAQ:MNGA) has declined 98.39% since June 17, 2017 and is downtrending. It has underperformed by 110.96% the S&P500.

More news for MagneGas Corporation (NASDAQ:MNGA) were recently published by: Globenewswire.com, which released: “MagneGas to Present at the Maritime2020 Conference” on June 14, 2018. Globenewswire.com‘s article titled: “MagneGas Generates $1.04 Million in Sales for May” and published on June 12, 2018 is yet another important article.

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 $6.13 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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