Everspin Technologies’ (MRAM) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Everspin Technologies (NASDAQ:MRAM) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $8.00 target price on the business services provider’s stock.

Separately, StockNews.com cut shares of Everspin Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 25th.

Everspin Technologies Trading Down 5.0 %

Shares of MRAM stock opened at $5.87 on Thursday. The company has a market capitalization of $127.61 million, a P/E ratio of 97.83 and a beta of 0.90. The business’s 50 day moving average is $5.86 and its two-hundred day moving average is $6.07. Everspin Technologies has a twelve month low of $4.89 and a twelve month high of $9.69.

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

Insider Buying and Selling

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the business’s stock in a transaction 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 approximately $2,438,791.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 25,347 shares of company stock valued at $139,635 over the last quarter. Company insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Everspin Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of MRAM. Acadian Asset Management LLC increased its stake in Everspin Technologies by 17.0% in the 2nd quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider’s stock valued at $5,003,000 after purchasing an additional 121,717 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Everspin Technologies by 4.1% in the first quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider’s stock valued at $561,000 after buying an additional 2,764 shares in the last quarter. Herald Investment Management Ltd raised its stake in shares of Everspin Technologies by 41.7% during the 2nd quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider’s stock worth $2,835,000 after buying an additional 139,817 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Everspin Technologies by 75.9% in 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 in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Everspin Technologies by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock worth $6,153,000 after buying an additional 22,657 shares in the last quarter. 44.68% of the stock is currently owned by institutional investors and hedge funds.

Everspin Technologies 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.