EVERSPIN TECH (NASDAQ:MRAM) Raised to “Buy” at Wall Street Zen

EVERSPIN TECH (NASDAQ:MRAM) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of EVERSPIN TECH in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.00.

EVERSPIN TECH Trading Down 7.7%

Shares of EVERSPIN TECH stock opened at $10.61 on Friday. The company’s fifty day simple moving average is $7.52 and its two-hundred day simple moving average is $6.46. The company has a market cap of $240.00 million, a P/E ratio of 151.57 and a beta of 0.36. EVERSPIN TECH has a 12-month low of $4.34 and a 12-month high of $12.27.

EVERSPIN TECH (NASDAQ:MRAM) last issued its quarterly earnings data on Wednesday, August 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The company had revenue of $13.20 million for the quarter, compared to analysts’ expectations of $13.00 million. EVERSPIN TECH had a net margin of 3.19% and a return on equity of 2.65%.

Insider Transactions at EVERSPIN TECH

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total value of $174,042.05. Following the transaction, the chief executive officer owned 574,757 shares in the company, valued at $5,833,783.55. The trade was a 2.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 20,272 shares of company stock valued at $192,963. Insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On EVERSPIN TECH

A number of hedge funds have recently bought and sold shares of MRAM. Bank of America Corp DE boosted its stake in EVERSPIN TECH by 43.0% in the 4th quarter. Bank of America Corp DE now owns 17,251 shares of the business services provider’s stock worth $110,000 after purchasing an additional 5,186 shares in the last quarter. Rhumbline Advisers boosted its stake in EVERSPIN TECH by 55.1% in the 1st quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock worth $188,000 after purchasing an additional 13,086 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in EVERSPIN TECH by 6.6% in the 1st quarter. Bank of New York Mellon Corp now owns 101,384 shares of the business services provider’s stock worth $517,000 after purchasing an additional 6,294 shares in the last quarter. Nuveen LLC bought a new position in EVERSPIN TECH in the 1st quarter worth about $133,000. Finally, Hsbc Holdings PLC lifted its stake in EVERSPIN TECH by 49.4% during the 1st quarter. Hsbc Holdings PLC now owns 34,122 shares of the business services provider’s stock valued at $173,000 after acquiring an additional 11,282 shares during the period. Institutional investors own 44.68% of the company’s stock.

About EVERSPIN TECH

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.