Wall Street Zen Downgrades EVERSPIN TECH (NASDAQ:MRAM) to Hold

EVERSPIN TECH (NASDAQ:MRAM) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of EVERSPIN TECH in a research note on Saturday, September 27th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, EVERSPIN TECH has a consensus rating of “Moderate Buy” and an average price target of $8.00.

EVERSPIN TECH Price Performance

Shares of MRAM stock opened at $11.39 on Friday. The firm has a market cap of $257.64 million, a PE ratio of 162.71 and a beta of 0.36. The company has a 50-day moving average of $7.04 and a two-hundred day moving average of $6.24. EVERSPIN TECH has a 1-year low of $4.34 and a 1-year high of $12.27.

Insider Transactions at EVERSPIN TECH

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of EVERSPIN TECH stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total value of $174,042.05. Following the completion of the transaction, the chief executive officer owned 574,757 shares in the company, valued at $5,833,783.55. The trade was a 2.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 20,272 shares of company stock valued at $192,963 in the last ninety days. 6.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in EVERSPIN TECH in the second quarter worth approximately $25,000. Silverberg Bernstein Capital Management LLC purchased a new stake in shares of EVERSPIN TECH during the 2nd quarter worth approximately $68,000. Occudo Quantitative Strategies LP purchased a new stake in shares of EVERSPIN TECH during the 2nd quarter worth approximately $70,000. Bank of America Corp DE lifted its position in shares of EVERSPIN TECH by 43.0% during the 4th quarter. Bank of America Corp DE now owns 17,251 shares of the business services provider’s stock worth $110,000 after buying an additional 5,186 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of EVERSPIN TECH during the 2nd quarter worth approximately $159,000. Hedge funds and other institutional investors own 44.68% of the company’s stock.

EVERSPIN TECH Company Profile

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.