Everspin Technologies (NASDAQ:MRAM) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Everspin Technologies (NASDAQ:MRAM) from a hold rating to a buy rating in a report released on Wednesday.

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Everspin Technologies in a research note on Thursday, October 31st.

Everspin Technologies Price Performance

Shares of Everspin Technologies stock opened at $5.87 on Wednesday. Everspin Technologies has a 12-month low of $4.89 and a 12-month high of $9.44. The stock has a 50 day moving average price of $5.96 and a two-hundred day moving average price of $5.97. The stock has a market capitalization of $128.96 million, a P/E ratio of 97.83 and a beta of 0.90.

Insiders Place Their Bets

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 440,215 shares of the company’s stock, valued at $2,438,791.10. This represents a 3.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 24,037 shares of company stock valued at $132,561 in the last three months. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MRAM. Acadian Asset Management LLC grew its position in Everspin Technologies by 17.0% during the second quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider’s stock worth $5,003,000 after buying an additional 121,717 shares in the last quarter. Herald Investment Management Ltd grew its holdings 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 purchasing an additional 139,817 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Everspin Technologies by 75.9% during 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 purchasing an additional 49,032 shares in the last quarter. Vanguard Group Inc. increased its position 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 valued at $6,153,000 after purchasing an additional 22,657 shares during the period. Finally, Rhumbline Advisers acquired a new position in shares of Everspin Technologies in the second quarter valued at $129,000. Institutional investors own 44.68% of the company’s stock.

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.