Company Update (NASDAQ:MXWL): Maxwell Technologies Inc. Completes Sale Of Common Stock Through At The Market Stock Offering And Extends Line Of Credit
Maxwell Technologies Inc. (NASDAQ:MXWL) announced that it has completed the sale of approximately $10 million of the company’s common stock through an at the market (ATM) equity offering announced April 23, 2015, and is terminating the offering, effective immediately. Approximately 1.83 million shares were sold in the offering at an average share price of $5.46.
The company also announced that it has negotiated an extension of its existing line of credit with Wells Fargo Bank from June 15 to July 15, 2015, while continuing to work on a longer term credit facility. (Original Source)
Shares of Maxwell Technologies closed today at $5.33, up $0.25 or 4.92%. MXWL has a 1-year high of $18.25 and a 1-year low of $4.85. The stock’s 50-day moving average is $5.70 and its 200-day moving average is $7.51.
On the ratings front, Maxwell has been the subject of a number of recent research reports. In a report issued on May 4, Piper Jaffray analyst Alexander Potter maintained a Buy rating on MXWL, with a price target of $9, which represents a potential upside of 77.9% from where the stock is currently trading. Separately, on April 27, Ardour’s Jinming Liu downgraded the stock to Hold and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alexander Potter and Jinming Liu have a total average return of -8.4% and -3.8% respectively. Potter has a success rate of 33.3% and is ranked #3425 out of 3621 analysts, while Liu has a success rate of 53.8% and is ranked #3032.
Maxwell Technologies Inc develops, manufactures and markets energy storage and power delivery products for transportation, industrial, information technology and other applications and microelectronic products for space and satellite applications.