StockNews.com Downgrades Everspin Technologies (NASDAQ:MRAM) to Hold

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

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Everspin Technologies in a report on Thursday, October 31st.

Everspin Technologies Stock Performance

Shares of NASDAQ MRAM opened at $6.55 on Thursday. The company has a 50 day simple moving average of $6.15 and a two-hundred day simple moving average of $5.96. The company has a market capitalization of $143.90 million, a price-to-earnings ratio of 109.17 and a beta of 0.90. Everspin Technologies has a fifty-two week low of $4.89 and a fifty-two week high of $9.43.

Insider Buying and Selling at Everspin Technologies

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total value of $97,077.42. Following the completion of the transaction, the chief executive officer now owns 440,215 shares in the company, valued at approximately $2,438,791.10. This represents a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 24,022 shares of company stock worth $133,620. 6.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Everspin Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Eastern Bank acquired a new position in Everspin Technologies during the 3rd quarter worth $50,000. Mackenzie Financial Corp acquired a new position in Everspin Technologies in the second quarter valued at $70,000. Jane Street Group LLC acquired a new stake in Everspin Technologies during the 3rd quarter worth approximately $82,000. BNP Paribas Financial Markets grew its position in Everspin Technologies by 222.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock valued at $122,000 after buying an additional 14,220 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in Everspin Technologies in the 2nd quarter valued at $129,000. Hedge funds and other institutional investors 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.