Everspin Technologies (NASDAQ:MRAM) Given “Buy” Rating at Needham & Company LLC

Everspin Technologies (NASDAQ:MRAM)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $8.00 target price on the business services provider’s stock. Needham & Company LLC’s price target points to a potential upside of 28.82% from the stock’s current price.

Several other equities research analysts have also recently weighed in on MRAM. StockNews.com cut shares of Everspin Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Craig Hallum cut their price objective 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, May 2nd.

Everspin Technologies Stock Performance

Shares of Everspin Technologies stock opened at $6.21 on Thursday. The firm has a 50-day moving average of $6.14 and a 200-day moving average of $7.28. The stock has a market cap of $133.64 million, a PE ratio of 16.78 and a beta of 0.91. Everspin Technologies has a 52-week low of $5.54 and a 52-week high of $10.50.

Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The business had revenue of $14.43 million during the quarter. Everspin Technologies had a net margin of 12.77% and a return on equity of 15.70%. During the same period in the previous year, the firm posted $0.04 earnings per share.

Insiders Place Their Bets

In related news, CFO Anuj Aggarwal sold 12,984 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $6.01, for a total value of $78,033.84. Following the transaction, the chief financial officer now directly owns 276,940 shares in the company, valued at approximately $1,664,409.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Anuj Aggarwal sold 12,984 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $6.01, for a total value of $78,033.84. Following the completion of the sale, the chief financial officer now directly owns 276,940 shares of the company’s stock, valued at approximately $1,664,409.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjeev Aggarwal sold 17,631 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $6.01, for a total value of $105,962.31. Following the sale, the chief executive officer now directly owns 459,048 shares of the company’s stock, valued at $2,758,878.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,424 shares of company stock worth $207,009. Corporate insiders own 6.10% of the company’s stock.

Institutional Trading of Everspin Technologies

Large investors have recently modified their holdings of the business. Principal Securities Inc. bought a new stake in Everspin Technologies in the fourth quarter valued at approximately $32,000. AJOVista LLC bought a new stake in Everspin Technologies in the fourth quarter valued at approximately $43,000. Trexquant Investment LP bought a new position in shares of Everspin Technologies during the fourth quarter valued at approximately $171,000. Victory Capital Management Inc. raised its holdings in shares of Everspin Technologies by 70.4% during the fourth quarter. Victory Capital Management Inc. now owns 25,535 shares of the business services provider’s stock valued at $231,000 after acquiring an additional 10,547 shares in the last quarter. Finally, Jump Financial LLC raised its holdings in shares of Everspin Technologies by 55.9% during the fourth quarter. Jump Financial LLC now owns 28,899 shares of the business services provider’s stock valued at $261,000 after acquiring an additional 10,357 shares in the last quarter. Institutional investors own 44.68% of the company’s stock.

Everspin Technologies Company Profile

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.