Everspin Technologies (NASDAQ:MRAM) Receives Buy Rating from Needham & Company LLC

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

Separately, StockNews.com lowered Everspin Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th.

Everspin Technologies Stock Down 1.6 %

Shares of MRAM traded down $0.11 during midday trading on Thursday, reaching $6.71. The company had a trading volume of 33,296 shares, compared to its average volume of 118,715. Everspin Technologies has a 1-year low of $4.89 and a 1-year high of $9.75. The firm has a 50 day simple moving average of $5.85 and a 200-day simple moving average of $6.09. The stock has a market cap of $145.88 million, a PE ratio of 97.14 and a beta of 0.91.

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

Insider Activity at Everspin Technologies

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total value of $97,077.42. Following the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 25,347 shares of company stock valued at $139,635 over the last 90 days. 6.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP increased its stake in 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 purchasing an additional 2,764 shares during the last quarter. Oppenheimer & Close LLC purchased a new stake in Everspin Technologies in the first quarter valued at $491,000. Vanguard Group Inc. grew its holdings in shares of Everspin Technologies by 3.0% during the first 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. Acadian Asset Management LLC increased its position in shares of Everspin Technologies by 19.5% during the first quarter. Acadian Asset Management LLC now owns 714,107 shares of the business services provider’s stock worth $5,652,000 after purchasing an additional 116,591 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its holdings in shares of Everspin Technologies by 8.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 242,102 shares of the business services provider’s stock valued at $1,917,000 after purchasing an additional 19,700 shares during the last quarter. 44.68% of the stock is owned by institutional investors and hedge funds.

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.