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Shareholders of Kearny Mesa-based Maxwell Technologies Inc. have enjoyed an exhilarating ride since Jan. 1, with the stock appreciating 123 percent as of June 9.
While Maxwell serves several markets, it's gaining substantial momentum from its role in getting people where they need to go. Maxwell (Nasdaq: MXWL) makes heavy-duty capacitors - electronic devices that are distant cousins to batteries, which rapidly discharge and quickly recharge again. One of their uses is in autos.
"Transportation is one of the most lucrative markets that Maxwell serves," said Mark Rossi, chairman of Maxwell's board.
In March, investors seemed to act on a rumor that Maxwell is poised to supply parts to luxury electric car maker Tesla Motors Inc. (Nasdaq: TSLA). And although that rumor has been hard to verify, Maxwell's share price increased dramatically early in March when an analyst from Piper Jaffray almost doubled his price target for the shares, suggesting potential auto industry wins and reportedly adding that Tesla CEO Elon Musk has an "affinity for ultracapacitors." Piper Jaffray declined to make the analyst available or share his research note.
As of June 9, Maxwell shares had appreciated to $17.37 - 123 percent higher than their closing price of $7.77 on Dec. 31. Shares touched a two-year high of $18.43 on March 27.
Maxwell appears to be seizing on its heightened status in the investment community. The company told securities regulators June 3 that it plans to issue up to $125 million of common stock, debt securities or warrants under a shelf registration...