Exela Technologies (XELA) Shares Down 15.4% After Earnings Miss

Shares of Exela Technologies, Inc. (NASDAQ:XELA) were down 15.4% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $5.19 and last traded at $5.28. Approximately 596,921 shares traded hands during trading, an increase of 184% from the average daily volume of 210,294 shares. The stock had previously closed at $6.24.

The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.18). The business had revenue of $383.03 million during the quarter. Exela Technologies had a negative return on equity of 31,672.80% and a negative net margin of 14.28%.

Several research analysts have recently commented on XELA shares. Morgan Stanley began coverage on Exela Technologies in a report on Monday, October 22nd. They issued an “overweight” rating and a $9.00 target price on the stock. Zacks Investment Research upgraded shares of Exela Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, September 27th. Finally, Nomura reiterated a “buy” rating and set a $10.00 target price on shares of Exela Technologies in a research report on Sunday, August 12th.

Hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC acquired a new position in shares of Exela Technologies in the 2nd quarter valued at $538,000. Serengeti Asset Management LP grew its holdings in shares of Exela Technologies by 92.4% in the 2nd quarter. Serengeti Asset Management LP now owns 433,000 shares of the company’s stock valued at $2,057,000 after buying an additional 208,000 shares during the period. Nantahala Capital Management LLC grew its holdings in shares of Exela Technologies by 46.3% in the 2nd quarter. Nantahala Capital Management LLC now owns 6,662,582 shares of the company’s stock valued at $31,647,000 after buying an additional 2,109,103 shares during the period. 22NW LP acquired a new position in shares of Exela Technologies in the 2nd quarter valued at $2,363,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Exela Technologies in the 2nd quarter valued at $422,000. 43.95% of the stock is owned by institutional investors.

The firm has a market cap of $893.13 million, a PE ratio of -3.18 and a beta of 1.21.

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Exela Technologies Company Profile (NASDAQ:XELA)

Exela Technologies, Inc (Exela), formerly Quinpario Acquisition Corp. 2, is engaged in providing information and transaction processing solutions. The Company’s segments include Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS).

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