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

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

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

Everspin Technologies Trading Down 5.0 %

NASDAQ:MRAM opened at $5.87 on Thursday. The firm has a market cap of $127.61 million, a price-to-earnings ratio of 97.83 and a beta of 0.90. Everspin Technologies has a 12-month low of $4.89 and a 12-month high of $9.69. The company’s 50-day moving average is $5.86 and its two-hundred day moving average is $6.07.

Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Wednesday, July 31st. The business services provider reported ($0.12) earnings per share (EPS) for the quarter, hitting 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 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 transaction of $97,077.42. Following the transaction, the chief executive officer now owns 440,215 shares of the company’s stock, valued at $2,438,791.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 25,347 shares of company stock worth $139,635. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Everspin Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its stake in shares of 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 lifted its position in Everspin Technologies by 4.1% during 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 grew its stake in 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 during the period. Bank of New York Mellon Corp increased its position in shares of Everspin Technologies by 75.9% in the second quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider’s stock worth $681,000 after acquiring an additional 49,032 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Everspin Technologies by 3.0% in the first quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock worth $6,153,000 after acquiring an additional 22,657 shares in the last quarter. 44.68% of the stock is currently 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.