Everspin Tech (NASDAQ:MRAM) had its target price cut by Canaccord Genuity from $18.00 to $15.00 in a research note published on Friday, November 17th, Marketbeat reports. They currently have a buy rating on the business services provider’s stock.
Several other analysts also recently commented on the stock. Stifel Nicolaus reaffirmed a buy rating and issued a $18.00 price objective on shares of Everspin Tech in a report on Thursday, October 12th. Zacks Investment Research raised shares of Everspin Tech from a sell rating to a hold rating in a report on Wednesday, October 11th. Needham & Company LLC restated a buy rating and set a $24.00 price objective on shares of Everspin Tech in a research report on Monday, August 28th. Finally, reduced their price objective on shares of Everspin Tech from $24.00 to $17.00 and set a strong-buy rating for the company in a research report on Wednesday, November 15th. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. Everspin Tech has a consensus rating of Buy and a consensus price target of $16.75.
Everspin Tech (MRAM) traded down $0.14 during midday trading on Friday, hitting $7.60. 197,540 shares of the company traded hands, compared to its average volume of 162,664. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.04 and a quick ratio of 2.27. Everspin Tech has a 1 year low of $6.63 and a 1 year high of $25.39.
Everspin Tech (NASDAQ:MRAM) last issued its quarterly earnings results on Monday, November 13th. The business services provider reported ($0.43) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. The business had revenue of $8.30 million for the quarter, compared to analyst estimates of $9.90 million. Everspin Tech had a negative net margin of 66.90% and a negative return on equity of 108.26%. The company’s revenue was up 31.7% compared to the same quarter last year. research analysts forecast that Everspin Tech will post -1.75 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Concert Wealth Management Inc. acquired a new stake in Everspin Tech during the second quarter worth about $264,000. Renaissance Technologies LLC acquired a new stake in Everspin Tech during the first quarter worth about $126,000. Wells Fargo & Company MN acquired a new stake in Everspin Tech during the second quarter worth about $322,000. B. Riley Financial Inc. acquired a new stake in Everspin Tech during the second quarter worth about $346,000. Finally, Mesirow Financial Investment Management Inc. purchased a new position in Everspin Tech during the second quarter worth about $419,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.
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Everspin Tech Company Profile
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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