Everspin Technologies (NASDAQ:MRAM) PT Lowered to $8.00 at Needham & Company LLC

Everspin Technologies (NASDAQ:MRAM) had its price target lowered by Needham & Company LLC from $12.00 to $8.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

Everspin Technologies Price Performance

MRAM traded down $0.12 on Thursday, hitting $6.39. 214,881 shares of the stock were exchanged, compared to its average volume of 94,847. The firm has a market capitalization of $135.66 million, a price-to-earnings ratio of 17.27 and a beta of 0.99. Everspin Technologies has a 12 month low of $6.11 and a 12 month high of $10.50. The business has a 50-day moving average of $7.88 and a two-hundred day moving average of $8.54.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The firm had revenue of $14.43 million for the quarter. Everspin Technologies had a return on equity of 16.14% and a net margin of 12.77%. During the same period in the previous year, the business posted $0.04 earnings per share.

Insider Activity

In related news, VP David Schrenk sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total transaction of $40,150.00. Following the completion of the sale, the vice president now directly owns 115,767 shares in the company, valued at approximately $929,609.01. The sale was disclosed in a filing with the SEC, which is available through this link. In other Everspin Technologies news, CFO Anuj Aggarwal sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total transaction of $164,200.00. Following the sale, the chief financial officer now owns 302,824 shares of the company’s stock, valued at $2,486,185.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP David Schrenk sold 5,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the completion of the transaction, the vice president now owns 115,767 shares of the company’s stock, valued at $929,609.01. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,968 shares of company stock worth $590,033. Insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Everspin Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of MRAM. Acadian Asset Management LLC boosted its stake in shares of Everspin Technologies by 16.8% during the third quarter. Acadian Asset Management LLC now owns 507,115 shares of the business services provider’s stock valued at $4,982,000 after purchasing an additional 73,109 shares in the last quarter. Quadrature Capital Ltd grew its holdings in Everspin Technologies by 12.4% during the 3rd quarter. Quadrature Capital Ltd now owns 31,255 shares of the business services provider’s stock worth $309,000 after acquiring an additional 3,453 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Everspin Technologies in the 3rd quarter valued at approximately $241,000. Barclays PLC bought a new position in shares of Everspin Technologies during the third quarter valued at $99,000. Finally, Silverberg Bernstein Capital Management LLC bought a new position in shares of Everspin Technologies during the fourth quarter valued at $93,000. Institutional investors own 44.68% of the company’s stock.

About Everspin Technologies

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.