Everspin Technologies’ (MRAM) Buy Rating Reaffirmed at Needham & Company LLC

Everspin Technologies (NASDAQ:MRAM)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $8.00 target price on the business services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 19.23% from the stock’s previous close.

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

Everspin Technologies Price Performance

NASDAQ MRAM traded down $0.11 during midday trading on Thursday, hitting $6.71. 33,296 shares of the company traded hands, compared to its average volume of 118,715. The company has a market cap of $145.88 million, a PE ratio of 97.14 and a beta of 0.91. Everspin Technologies has a 52 week low of $4.89 and a 52 week high of $9.75. The company’s 50-day simple moving average is $5.85 and its 200-day simple moving average is $6.09.

Everspin Technologies (NASDAQ:MRAM) last posted its earnings results on Wednesday, July 31st. The business services provider reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $10.64 million for the quarter. Everspin Technologies had a return on equity of 3.16% and a net margin of 2.92%.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 17,523 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was 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 of the company’s stock, valued at approximately $2,438,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 25,347 shares of company stock valued at $139,635 in the last quarter. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MRAM. Acadian Asset Management LLC lifted its position in shares of 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 acquiring an additional 121,717 shares in the last quarter. Vanguard Group Inc. boosted its stake in Everspin Technologies by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock worth $6,153,000 after purchasing an additional 22,657 shares during the last quarter. Herald Investment Management Ltd grew its holdings in shares of Everspin Technologies by 41.7% during the second 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 in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Everspin Technologies by 15.9% in the second quarter. Dimensional Fund Advisors LP now owns 407,444 shares of the business services provider’s stock valued at $2,440,000 after buying an additional 55,772 shares during the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of Everspin Technologies by 8.9% in the first quarter. Hillsdale Investment Management Inc. now owns 242,102 shares of the business services provider’s stock worth $1,917,000 after buying an additional 19,700 shares in the last quarter. 44.68% of the stock is owned by hedge funds and other institutional investors.

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.