Everspin Technologies (NASDAQ:MRAM) Price Target Cut to $10.00

Everspin Technologies (NASDAQ:MRAM) had its target price lowered by Craig Hallum from $11.00 to $10.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

Separately, Needham & Company LLC lowered their price target on shares of Everspin Technologies from $12.00 to $8.00 and set a buy rating for the company in a report on Thursday.

Everspin Technologies Trading Down 0.6 %

Shares of MRAM traded down $0.04 during mid-day trading on Thursday, reaching $6.35. The company’s stock had a trading volume of 162,828 shares, compared to its average volume of 100,365. Everspin Technologies has a 1-year low of $6.11 and a 1-year high of $10.50. The business has a 50-day simple moving average of $7.88 and a two-hundred day simple moving average of $8.53. The stock has a market cap of $136.65 million, a P/E ratio of 17.27 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The firm had revenue of $14.43 million during the quarter. Everspin Technologies had a net margin of 12.77% and a return on equity of 15.70%. During the same quarter last year, the company posted $0.04 earnings per share.

Insider Buying and Selling

In other news, CFO Anuj Aggarwal sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.21, for a total transaction of $164,200.00. Following the transaction, the chief financial officer now owns 302,824 shares of the company’s stock, valued at approximately $2,486,185.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Everspin Technologies news, VP David Schrenk sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total value of $40,150.00. Following the completion of the sale, the vice president now owns 115,767 shares in the company, valued at approximately $929,609.01. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anuj Aggarwal sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total value of $164,200.00. Following the transaction, the chief financial officer now directly owns 302,824 shares of the company’s stock, valued at approximately $2,486,185.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,968 shares of company stock worth $590,033. 6.10% of the stock is owned by corporate insiders.

Institutional Trading of Everspin Technologies

Several large investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its holdings in shares of Everspin Technologies by 16.8% in the third quarter. Acadian Asset Management LLC now owns 507,115 shares of the business services provider’s stock worth $4,982,000 after purchasing an additional 73,109 shares during the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of Everspin Technologies by 28.9% during the fourth quarter. Hillsdale Investment Management Inc. now owns 222,402 shares of the business services provider’s stock valued at $2,011,000 after buying an additional 49,899 shares during the last quarter. GSA Capital Partners LLP grew its stake in shares of Everspin Technologies by 4.1% during the first quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider’s stock valued at $561,000 after buying an additional 2,764 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Everspin Technologies by 21.1% in the fourth quarter. Quadrature Capital Ltd now owns 37,864 shares of the business services provider’s stock valued at $342,000 after purchasing an additional 6,609 shares during the period. Finally, Truvestments Capital LLC boosted its holdings in shares of Everspin Technologies by 14.8% in the third quarter. Truvestments Capital LLC now owns 35,720 shares of the business services provider’s stock valued at $351,000 after purchasing an additional 4,609 shares during the period. 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.