Everspin Tech (MRAM) Given New $17.00 Price Target at Needham & Company LLC
Everspin Tech (NASDAQ:MRAM) had its price target reduced by research analysts at Needham & Company LLC from $24.00 to $17.00 in a report released on Tuesday. The firm currently has a “strong-buy” rating on the business services provider’s stock. Needham & Company LLC’s price target points to a potential upside of 76.72% from the company’s previous close.
MRAM has been the topic of a number of other research reports. Stifel Nicolaus reissued a “buy” rating and issued a $18.00 price target on shares of Everspin Tech in a report on Thursday, October 12th. Canaccord Genuity reissued a “buy” rating and issued a $18.00 price target (up previously from $12.00) on shares of Everspin Tech in a report on Monday, August 14th. Finally, Zacks Investment Research lowered shares of Everspin Tech from a “hold” rating to a “sell” rating in a report on Saturday.
Everspin Tech (NASDAQ:MRAM) opened at $9.62 on Tuesday. Everspin Tech has a 52-week low of $6.63 and a 52-week high of $25.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 4.47 and a quick ratio of 3.57.
Everspin Tech (NASDAQ:MRAM) last issued its earnings results on Monday, November 13th. The business services provider reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. The business had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $9.90 million. The company’s revenue was up 31.7% on a year-over-year basis. analysts expect that Everspin Tech will post -1.79 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in the business. Concert Wealth Management Inc. bought a new stake in Everspin Tech in the 2nd quarter worth $264,000. Renaissance Technologies LLC bought a new stake in Everspin Tech in the 1st quarter worth $126,000. Wells Fargo & Company MN bought a new stake in Everspin Tech in the 2nd quarter worth $322,000. B. Riley Financial Inc. bought a new stake in Everspin Tech in the 2nd quarter worth $346,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in Everspin Tech in the 2nd quarter worth $419,000. 28.28% of the stock is currently owned by institutional investors and hedge funds.
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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