Everspin Technologies (NASDAQ:MRAM) Raised to “Buy” at StockNews.com

Everspin Technologies (NASDAQ:MRAM) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Separately, Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of Everspin Technologies in a report on Thursday.

Everspin Technologies Price Performance

Shares of MRAM stock opened at $5.87 on Friday. Everspin Technologies has a 1-year low of $4.89 and a 1-year high of $9.69. The company has a market cap of $127.61 million, a price-to-earnings ratio of 97.83 and a beta of 0.90. The stock has a 50 day simple moving average of $5.86 and a 200-day simple moving average of $6.08.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Everspin Technologies had a return on equity of 2.79% and a net margin of 2.85%. The firm had revenue of $10.64 million for the quarter.

Insider Transactions at Everspin Technologies

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total transaction of $97,077.42. Following the sale, the chief executive officer now directly owns 440,215 shares in the company, valued at $2,438,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 25,347 shares of company stock valued at $139,635. 6.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRAM. Acadian Asset Management LLC increased its holdings in Everspin Technologies by 17.0% in the second quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider’s stock valued at $5,003,000 after buying an additional 121,717 shares during the last quarter. GSA Capital Partners LLP grew its holdings in shares of Everspin Technologies by 4.1% during the first quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider’s stock worth $561,000 after purchasing an additional 2,764 shares during the last quarter. Herald Investment Management Ltd lifted its holdings in shares of Everspin Technologies by 41.7% in the 2nd quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider’s stock valued at $2,835,000 after purchasing an additional 139,817 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Everspin Technologies by 75.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider’s stock worth $681,000 after buying an additional 49,032 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Everspin Technologies by 3.0% in the first quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock valued at $6,153,000 after buying an additional 22,657 shares during the last quarter. Institutional investors and hedge funds own 44.68% of the company’s stock.

About Everspin Technologies

Everspin Technologies, Inc engages in the manufacture and sale of magnetoresistive random access memory (MRAM) products in the United States, Japan, Hong Kong, Germany, Singapore, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for MRAM products.