Stock Update (NASDAQ:MXWL): Maxwell CFO Kevin Royal to leave company

Maxwell Technologies (NASDAQ:MXWL) announced that the company andKevin S. Royal, Senior Vice President and Chief Financial Officer, have agreed that Mr. Royal, following six years of significant contribution to the company, will step down from his position during 2015.

“The company and board of directors are grateful to Kevin for his service and for his willingness to stay on through the succession process.” said Dr. Franz Fink, President and CEO. “I am confident we have a strong management team focused to capitalize on the opportunities we see in the years ahead.”

“My tenure with Maxwell has been rewarding, and I am proud to have played a part in guiding the company through the early adoption and initial growth period for our ultracapacitor products.” Royal said.

An executive search for a Chief Financial Officer is underway, and Royal will remain active in his current role until a successor is named and an effective transition is planned and initiated. (Original Source)

Shares of Maxwell Technologies opened today at $7.49 and are currently trading down at $7.48. MXWL has a 1-year high of $18.43 and a 1-year low of $6.29. The stock’s 50-day moving average is $7.27 and it’s 200-day moving average is $8.90.

On the ratings front, Maxwell has been the subject of a number of recent research reports. In a report issued on February 6, Northland Securities analyst Noah Kaye downgraded MXWL to Hold, with a price target of $6, which represents a potential downside of 19.9% from where the stock is currently trading. Separately, on the same day, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $9.

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.

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