Everspin Tech (NASDAQ:MRAM) Given New $14.00 Price Target at Needham & Company LLC

Everspin Tech (NASDAQ:MRAM) had its target price reduced by equities researchers at Needham & Company LLC from $15.00 to $14.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 29.75% from the stock’s current price.

Several other analysts also recently commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Everspin Tech in a research note on Monday, December 29th. Wall Street Zen lowered Everspin Tech from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Everspin Tech has an average rating of “Hold” and an average price target of $14.00.

Everspin Tech Price Performance

MRAM opened at $10.79 on Thursday. Everspin Tech has a fifty-two week low of $4.34 and a fifty-two week high of $17.24. The firm has a market capitalization of $246.63 million, a PE ratio of -359.67 and a beta of 0.86. The company’s 50-day moving average is $11.59 and its 200 day moving average is $9.70.

Insiders Place Their Bets

In other news, CFO William Earl Cooper sold 6,807 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total transaction of $82,092.42. Following the completion of the transaction, the chief financial officer directly owned 93,193 shares of the company’s stock, valued at $1,123,907.58. This represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Everspin Tech

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in Everspin Tech in the second quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new stake in shares of Everspin Tech in the fourth quarter valued at $41,000. Occudo Quantitative Strategies LP bought a new stake in shares of Everspin Tech in the second quarter valued at $70,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Everspin Tech during the 3rd quarter valued at $82,000. Finally, Algert Global LLC bought a new position in shares of Everspin Tech during the 3rd quarter worth $102,000. Institutional investors own 44.68% of the company’s stock.

Everspin Tech Company Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.