Stock Update (NASDAQ:MXWL): Maxwell Technologies Inc. Announces Agreement for Sale of Microelectronics Product Line
Maxwell Technologies Inc. (NASDAQ:MXWL), a leading developer and manufacturer of ultracapacitor-based energy storage and power delivery solutions, today announced that it has entered into a definitive agreement to sell its microelectronics product line to Data Device Corporation, a subsidiary of ILC Industries, Inc. The agreement includes all assets and certain liabilities related to the microelectronics product line.
Gross proceeds from the transaction are expected to be $21 million in cash. The purchase price is subject to working capital and closing transaction adjustments. The sale transaction is expected to close by the end of April 2016, subject to customary and negotiated closing conditions. (Original Source)
Shares of Maxwell Technologies are up nearly 4% to $6.37 in after-hours trading. MXWL has a 1-year high of $8.04 and a 1-year low of $4.06. The stock’s 50-day moving average is $5.90 and its 200-day moving average is $6.27.
On the ratings front, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Hold rating on MXWL, with a price target of $5.50, in a report issued on February 16. The current price target implies a downside of 10.6% from current levels. According to TipRanks.com, Dorsheimer has a yearly average return of -4.9%, a 41.0% success rate, and is ranked #3493 out of 3787 analysts.
Maxwell Technologies, Inc. engages in developing, manufacturing, and marketing energy storage and power delivery products for transportation, industrial, information technology, and microelectronic products for space and satellite applications. Its products. It focuses on the following line of products: Ultracapacitors, High Voltage Capacitors, and Radiation-Hardened Microelectronic Products.