Exela Technologies Inc. (XELA) stock surged in the premarket ration with its price skyrocketed 241.08% to $2.98 in the premarket session. According to recent research, XELA is currently trading -24.03% below its January high price. Another look at the stock price also shows it trading +156.14% above its three-month low. Broader in scope, the stock is trading -24.03% below its 52-week high and 2947.79% above its 52-week low price.
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Using Exela Technologies’ global footprint and proprietary technologies, Exela is a business process automation leader, enhancing quality, productivity, and users’ experiences. The Exela team has decades of experience operating mission-critical processes, serving over 4,000 customers throughout 50 countries, including 60% of the Fortune 100.
Exela Technologies, Inc. announced a Board of Director’s approval for a reverse stock split in the amount of one for three of the Company’s common stock, which will take effect on Monday, January 25, 2021. According to Exela’s Board of Directors, the 1-for-3 ratio is suitable to meet Exela’s objectives of improving liquidity and marketability, meeting Nasdaq listing requirements, and strengthening its balance sheet through its existing initiatives.
As a result of the reverse split, every three shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. A split-adjusted basis will be applied to the Company’s shares starting with the market open on January 26, 2021. There will be approximately 49.2 million shares of common stock issued and outstanding immediately after the reverse split becomes effective.
Many investors follow how the market analysts track the stock. For Exela Technologies Inc. (XELA), stock analysts have offered their price targets have a consensus price objective of $1.55. Analysts expect the stock price to reach a high of $4.65 and a low of $4.65 in the next 12 months. For the next 12 months, commodity analysts anticipate XELA stock to trade at 2.00. The forecast high price target for the stock is $4.65, while the mean target price is $4.33.