Canaccord Genuity Cuts Everspin Tech (MRAM) Price Target to $15.00
Everspin Tech (NASDAQ:MRAM) had its target price cut by Canaccord Genuity from $18.00 to $15.00 in a research report released on Friday, Marketbeat.com reports. They currently have a buy rating on the business services provider’s stock.
Several other research analysts have also recently weighed in on the stock. Stifel Nicolaus restated a buy rating and issued a $18.00 price objective on shares of Everspin Tech in a research report on Thursday, October 12th. Zacks Investment Research upgraded shares of Everspin Tech from a sell rating to a hold rating in a research report on Wednesday, October 11th. Needham & Company LLC reiterated a buy rating and set a $24.00 target price on shares of Everspin Tech in a research report on Monday, August 28th. Finally, dropped their target price on shares of Everspin Tech from $24.00 to $17.00 and set a strong-buy rating for the company in a research report on Wednesday, November 15th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $16.75.
Everspin Tech (NASDAQ MRAM) opened at $7.98 on Friday. The company has a quick ratio of 2.27, a current ratio of 3.04 and a debt-to-equity ratio of 0.74. Everspin Tech has a 1 year low of $6.63 and a 1 year high of $25.39.
Everspin Tech (NASDAQ:MRAM) last posted its quarterly earnings data on Monday, November 13th. The business services provider reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.02. Everspin Tech had a negative net margin of 66.90% and a negative return on equity of 108.26%. The firm had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $9.90 million. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. sell-side analysts expect that Everspin Tech will post -1.75 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the business. Bamco Inc. NY raised its position in shares of Everspin Tech by 20.3% during the 3rd quarter. Bamco Inc. NY now owns 243,825 shares of the business services provider’s stock valued at $4,167,000 after acquiring an additional 41,100 shares during the last quarter. Royce & Associates LP bought a new stake in shares of Everspin Tech during the 2nd quarter valued at $2,833,000. Vanguard Group Inc. raised its position in shares of Everspin Tech by 248.2% during the 2nd quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock valued at $2,774,000 after acquiring an additional 98,963 shares during the last quarter. EAM Investors LLC raised its position in shares of Everspin Tech by 223.3% during the 3rd quarter. EAM Investors LLC now owns 126,205 shares of the business services provider’s stock valued at $2,157,000 after acquiring an additional 87,167 shares during the last quarter. Finally, B. Riley Financial Inc. raised its position in shares of Everspin Tech by 135.2% during the 3rd quarter. B. Riley Financial Inc. now owns 40,720 shares of the business services provider’s stock valued at $696,000 after acquiring an additional 23,408 shares during the last quarter. Institutional investors own 29.47% of the company’s stock.
About Everspin Tech
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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