(NEW YORK)–Ludlow Research updates its opinion on MagneGas Applied Technology Solutions, Inc. (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, based on growing revenues and positive chart technicals.
MNGA recently announced that third quarter revenues ended September 30, 2018 were $2.6 million, which was a 195% increase compared to the same period last year. The 195% increase in MNGA revenues was due primarily to MagneGas’s acquisition of Trico Welding Supplies in Northern California which generated $1.26 million.
Past Trader Alert
Ludlow Research had recommended MNGA in note to their subscribers back on Oct. 16, 2018 that the $0.25 mark represented a much more attractive entry point for traders looking to take positions in the stock.
MNGA stock had run up prior into earnings to near $0.50, and then in classic ‘buy on the rumor, sell on the news’ fashion sold off after earnings were reported.
Ludlow Research made point that despite the pullback the fundamentals on MNGA remain positive, and the new acquisitions under the company will only provide positive revenue results going forward.
The bullish trend in MNGA still remains intact with the 50-day moving average showing an upward trend, and MACD still in upward bullish trend. The key RSI indicator is now back to 55 which represents a better entry point for traders looking to step in anywhere under $0.40 per share.
Key Resistance going forward will be ability for MNGA to break above its important 200-day moving average, which is around $0.56 currently. Any positive break above that key resistance could set stage for MNGA to make a run for the $0.70 to $1.00+ range on potentially higher then normal volume short-term.
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About MagneGas Applied Technology Solutions, Inc.
MagneGas Applied Technology Solutions, Inc. (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas® fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company’s testing has shown that its metal cutting fuel “MagneGas2®” is faster, cleaner and more productive than other alternatives on the market. It is also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas2® into the metal working market as a replacement to acetylene.
The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas, please visit the Company’s website at http://www.MagneGas.com
The Company distributes MagneGas2® through Independent Distributors in the U.S. and through its wholly owned distributors, ESSI, Green Arc Supply, Trico Welding Supply and Complete Welding of San Diego. ESSI has 3 locations in Florida, Green Arc 2 locations in Texas and one location in Louisiana, Trico has two locations in northern California, and Complete Welding has one location in southern California. For more information on ESSI, please visit the company’s website at http://www.weldingsupplytampa.com
About Ludlow Research
Ludlow Research is a New York based equity research firm that focuses on providing research coverage and investor awareness services to emerging small-cap companies. For over 12 years we have worked to provide our readers with a simple way of evaluating the current and potential value of small-cap companies, while garnering these clients greater market awareness to new investors. For more information please visit www.ludlowresearch.com