Needham & Company LLC Reaffirms Buy Rating for EVERSPIN TECH (MRAM)
Needham & Company LLC reiterated their buy rating on shares of EVERSPIN TECH (NASDAQ:MRAM) in a research report released on Monday morning. The firm currently has a $24.00 price objective on the business services provider’s stock.
MRAM has been the subject of a number of other reports. Stifel Nicolaus increased their price target on EVERSPIN TECH from $11.00 to $19.00 and gave the stock a buy rating in a report on Monday, June 5th. Zacks Investment Research downgraded EVERSPIN TECH from a hold rating to a sell rating in a report on Tuesday, August 15th. Finally, Canaccord Genuity reiterated a buy rating and set a $18.00 price target (up from $12.00) on shares of EVERSPIN TECH in a report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $16.60.
Shares of EVERSPIN TECH (NASDAQ:MRAM) opened at 15.59 on Monday. The stock has a 50 day moving average price of $18.96 and a 200 day moving average price of $13.62. EVERSPIN TECH has a one year low of $6.15 and a one year high of $25.39. The firm’s market cap is $197.59 million.
EVERSPIN TECH (NASDAQ:MRAM) last issued its quarterly earnings results on Thursday, August 10th. The business services provider reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.38) by $0.02. The business had revenue of $8.93 million during the quarter, compared to analysts’ expectations of $8.75 million. On average, equities research analysts forecast that EVERSPIN TECH will post ($1.73) EPS for the current year.
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Several hedge funds have recently modified their holdings of MRAM. Mesirow Financial Investment Management Inc. purchased a new stake in shares of EVERSPIN TECH during the second quarter valued at approximately $419,000. Stifel Financial Corp purchased a new stake in shares of EVERSPIN TECH during the second quarter valued at approximately $525,000. Bamco Inc. NY increased its stake in shares of EVERSPIN TECH by 15.5% in the second quarter. Bamco Inc. NY now owns 202,725 shares of the business services provider’s stock valued at $4,050,000 after buying an additional 27,183 shares in the last quarter. B. Riley Financial Inc. purchased a new stake in shares of EVERSPIN TECH during the second quarter valued at approximately $346,000. Finally, EAM Investors LLC purchased a new stake in shares of EVERSPIN TECH during the second quarter valued at approximately $780,000. Institutional investors own 28.95% of the company’s stock.
EVERSPIN TECH Company Profile
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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