Needham & Company LLC Reiterates “Buy” Rating for Everspin Technologies (NASDAQ:MRAM)

Everspin Technologies (NASDAQ:MRAM)‘s stock had its “buy” rating reissued 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 target price suggests a potential upside of 36.29% from the company’s current price.

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

Everspin Technologies Stock Down 5.0 %

NASDAQ MRAM opened at $5.87 on Thursday. The firm has a market cap of $127.61 million, a PE ratio of 97.83 and a beta of 0.91. Everspin Technologies has a 52 week low of $4.89 and a 52 week high of $9.69. The company has a 50 day moving average price of $5.86 and a 200 day moving average price of $6.09.

Everspin Technologies (NASDAQ:MRAM) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The business 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%.

Insiders Place Their Bets

In other news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction dated 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 in the company, valued at $2,438,791.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 25,347 shares of company stock worth $139,635. Company insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Everspin Technologies

A number of hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC increased 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 purchasing an additional 121,717 shares during the last quarter. GSA Capital Partners LLP increased 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 worth $561,000 after purchasing an additional 2,764 shares during the last quarter. Herald Investment Management Ltd increased its position 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 purchasing an additional 139,817 shares during the last quarter. Bank of New York Mellon Corp increased its position in Everspin Technologies by 75.9% during 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 purchasing an additional 49,032 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in 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. 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.