Everspin Technologies (NASDAQ:MRAM) Downgraded to Buy at StockNews.com

StockNews.com lowered shares of Everspin Technologies (NASDAQ:MRAM) from a strong-buy rating to a buy rating in a report published on Friday.

MRAM has been the subject of a number of other research reports. Craig Hallum cut their target price on shares of Everspin Technologies from $11.00 to $10.00 and set a buy rating for the company in a research report on Thursday. Needham & Company LLC cut their price objective on shares of Everspin Technologies from $12.00 to $8.00 and set a buy rating for the company in a report on Thursday.

Everspin Technologies Stock Down 1.8 %

MRAM stock opened at $6.39 on Friday. The business has a 50 day moving average of $7.88 and a 200-day moving average of $8.56. The firm has a market cap of $135.66 million, a PE ratio of 17.27 and a beta of 0.99. Everspin Technologies has a 12-month low of $6.11 and a 12-month high of $10.50.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). Everspin Technologies had a return on equity of 16.14% and a net margin of 12.77%. The company had revenue of $14.43 million during the quarter. During the same quarter in the prior year, the business earned $0.04 earnings per share.

Insider Buying and Selling

In other news, CEO Sanjeev Aggarwal sold 17,452 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $7.84, for a total value of $136,823.68. Following the completion of the sale, the chief executive officer now owns 476,679 shares of the company’s stock, valued at approximately $3,737,163.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,452 shares of Everspin Technologies stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total value of $136,823.68. Following the transaction, the chief executive officer now directly owns 476,679 shares of the company’s stock, valued at approximately $3,737,163.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Schrenk sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the sale, the vice president now directly owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The disclosure for this sale can be found here. Insiders sold 72,968 shares of company stock worth $590,033 in the last quarter. 6.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC lifted its position in shares of Everspin Technologies by 16.8% in the 3rd quarter. Acadian Asset Management LLC now owns 507,115 shares of the business services provider’s stock worth $4,982,000 after purchasing an additional 73,109 shares during the period. Quadrature Capital Ltd raised its stake in Everspin Technologies by 12.4% in the third quarter. Quadrature Capital Ltd now owns 31,255 shares of the business services provider’s stock worth $309,000 after buying an additional 3,453 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Everspin Technologies in the third quarter worth about $241,000. Barclays PLC purchased a new stake in Everspin Technologies in the third quarter worth about $99,000. Finally, Silverberg Bernstein Capital Management LLC bought a new stake in Everspin Technologies during the 4th quarter valued at approximately $93,000. 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.