In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on MagneGas (NASDAQ: MNGA), with a price target of $6. The company’s shares closed yesterday at $0.28, close to its 52-week low of $0.23.
Dayal noted:
“We are not making any material changes to our 3Q18 and 4Q18 projections. Management indicated that certain staffing changes should lower monthly cash costs by $50K starting in July 2018. We now expect annual revenues to grow from $11.2M in 2018 to $72.7M in 2023, growing at a five-year CAGR of 45.2%.”
According to TipRanks.com, Dayal is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -6.9% and a 34.9% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Pointer Telocation Ltd, and Pacific Ethanol.
Currently, the analyst consensus on MagneGas is a Moderate Buy with an average price target of $6.
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The company has a one-year high of $11.99 and a one-year low of $0.23. Currently, MagneGas has an average volume of 2.33M.
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MagneGas Corp. is a technology company that produces a plasma based system for the gasification and sterilization of liquid waste. The company develops the use of its fuel for co-combustion with hydrocarbon fuels to reduce emissions. It also markets, for sale or licensure, its proprietary plasma arc technology for the processing of liquid waste.
