Everspin Technologies (NASDAQ:MRAM) Raised to “Buy” at StockNews.com

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

Separately, Needham & Company LLC reissued a “buy” rating and set a $8.00 price objective on shares of Everspin Technologies in a report on Thursday, October 31st.

Everspin Technologies Stock Performance

Shares of MRAM opened at $5.87 on Wednesday. The stock has a market cap of $128.96 million, a PE ratio of 97.83 and a beta of 0.90. Everspin Technologies has a 1 year low of $4.89 and a 1 year high of $9.44. The stock has a 50 day simple moving average of $5.96 and a 200-day simple moving average of $5.97.

Insiders Place Their Bets

In other news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $5.54, for a total transaction of $97,077.42. Following the sale, the chief executive officer now owns 440,215 shares in the company, valued at approximately $2,438,791.10. This represents a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 24,037 shares of company stock valued at $132,561. 6.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Everspin Technologies by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock valued at $6,153,000 after acquiring an additional 22,657 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Everspin Technologies by 19.5% in the first quarter. Acadian Asset Management LLC now owns 714,107 shares of the business services provider’s stock valued at $5,652,000 after purchasing an additional 116,591 shares in the last quarter. Hillsdale Investment Management Inc. raised its position in Everspin Technologies by 8.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 242,102 shares of the business services provider’s stock worth $1,917,000 after purchasing an additional 19,700 shares during the last quarter. Oppenheimer & Close LLC lifted its holdings in Everspin Technologies by 32.3% during the 2nd quarter. Oppenheimer & Close LLC now owns 82,000 shares of the business services provider’s stock worth $491,000 after buying an additional 20,000 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Everspin Technologies by 75.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider’s stock valued at $681,000 after buying an additional 49,032 shares during the last quarter. Institutional investors and hedge funds 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.