Everspin Tech (NASDAQ:MRAM) Stock Rating Lowered by Wall Street Zen

Everspin Tech (NASDAQ:MRAM) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Everspin Tech in a research note on Monday, December 29th. Needham & Company LLC lifted their price target on shares of Everspin Tech from $8.00 to $10.50 and gave the stock a “buy” rating in a research report on Monday, November 10th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.50.

Everspin Tech Price Performance

MRAM opened at $10.92 on Friday. The business has a 50 day moving average price of $10.82 and a two-hundred day moving average price of $9.07. The company has a market capitalization of $249.63 million, a price-to-earnings ratio of -364.00 and a beta of 0.83. Everspin Tech has a 1-year low of $4.34 and a 1-year high of $17.24.

Everspin Tech (NASDAQ:MRAM) last posted its quarterly earnings data on Wednesday, November 5th. The business services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Everspin Tech had a negative return on equity of 0.89% and a negative net margin of 1.06%.The company had revenue of $14.06 million for the quarter, compared to the consensus estimate of $14.00 million.

Insiders Place Their Bets

In other Everspin Tech news, Director Darin G. Billerbeck sold 12,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $9.42, for a total transaction of $113,040.00. Following the completion of the sale, the director directly owned 124,073 shares in the company, valued at approximately $1,168,767.66. This trade represents a 8.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William Earl Cooper sold 6,807 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total value of $82,092.42. Following the completion of the transaction, the chief financial officer owned 93,193 shares in the company, valued at $1,123,907.58. This represents a 6.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Everspin Tech during the 4th quarter valued at $2,204,000. Ritholtz Wealth Management acquired a new stake in Everspin Tech during the fourth quarter valued at $286,000. Green Alpha Advisors LLC purchased a new position in Everspin Tech in the fourth quarter valued at about $427,000. Bank of America Corp DE increased its position in Everspin Tech by 110.8% in the 3rd quarter. Bank of America Corp DE now owns 57,222 shares of the business services provider’s stock worth $533,000 after purchasing an additional 30,072 shares during the last quarter. Finally, Algert Global LLC acquired a new position in Everspin Tech in the 3rd quarter worth about $102,000. Institutional investors and hedge funds own 44.68% of the company’s stock.

Everspin Tech Company Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.