EVERSPIN TECH (NASDAQ:MRAM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of EVERSPIN TECH (NASDAQ:MRAM) from a hold rating to a buy rating in a research note published on Saturday morning.

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

EVERSPIN TECH Trading Up 7.3%

EVERSPIN TECH stock opened at $11.38 on Friday. The stock has a market cap of $257.42 million, a P/E ratio of 162.57 and a beta of 0.36. The company has a fifty day simple moving average of $7.63 and a 200-day simple moving average of $6.50. EVERSPIN TECH has a 12-month low of $4.34 and a 12-month high of $12.27.

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

Insider Buying and Selling

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of EVERSPIN TECH stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total transaction of $174,042.05. Following the sale, the chief executive officer directly owned 574,757 shares in the company, valued at $5,833,783.55. This trade represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 20,272 shares of company stock worth $192,963. 6.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

EVERSPIN TECH Company Profile

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.