Everspin Technologies (NASDAQ:MRAM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Everspin Technologies, Inc. is involved in designing, manufacturing and commercially shipping discrete and embedded Magnetoresistive RAM and Spin-Torque MRAM. It serves data center, cloud storage, energy, industrial, automotive and transportation markets. Everspin Technologies, Inc. is headquartered in Chandler, Arizona. “
Other equities analysts also recently issued reports about the stock. Stifel Nicolaus reduced their target price on shares of Everspin Technologies from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, March 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Everspin Technologies in a research note on Friday, March 16th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Everspin Technologies has a consensus rating of “Buy” and an average target price of $14.75.
MRAM stock opened at $7.62 on Wednesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.22 and a quick ratio of 1.42. Everspin Technologies has a 52 week low of $6.40 and a 52 week high of $25.39. The firm has a market cap of $134.91, a PE ratio of -4.51 and a beta of 3.61.
Everspin Technologies (NASDAQ:MRAM) last issued its earnings results on Thursday, March 15th. The business services provider reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.01. Everspin Technologies had a negative net margin of 58.81% and a negative return on equity of 129.52%. The company had revenue of $10.10 million for the quarter, compared to the consensus estimate of $10.10 million. The firm’s revenue for the quarter was up 42.3% compared to the same quarter last year. research analysts anticipate that Everspin Technologies will post -0.93 EPS for the current year.
In other news, insider Kevin Conley bought 14,285 shares of Everspin Technologies stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $7.00 per share, with a total value of $99,995.00. Following the completion of the purchase, the insider now directly owns 24,285 shares of the company’s stock, valued at $169,995. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael B. Gustafson bought 14,286 shares of Everspin Technologies stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $7.00 per share, for a total transaction of $100,002.00. Following the completion of the purchase, the director now directly owns 14,286 shares of the company’s stock, valued at $100,002. The disclosure for this purchase can be found here. 32.80% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. B. Riley Financial Inc. raised its stake in shares of Everspin Technologies by 21.1% in the 4th quarter. B. Riley Financial Inc. now owns 49,300 shares of the business services provider’s stock valued at $370,000 after acquiring an additional 8,580 shares during the period. Granite Investment Partners LLC purchased a new stake in shares of Everspin Technologies in the 3rd quarter valued at approximately $560,000. Royce & Associates LP raised its stake in shares of Everspin Technologies by 24.0% in the 4th quarter. Royce & Associates LP now owns 172,300 shares of the business services provider’s stock valued at $1,292,000 after acquiring an additional 33,400 shares during the period. EAM Investors LLC raised its stake in shares of Everspin Technologies by 223.3% in the 3rd quarter. EAM Investors LLC now owns 126,205 shares of the business services provider’s stock valued at $2,157,000 after acquiring an additional 87,167 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Everspin Technologies by 248.2% in the 2nd quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock valued at $2,774,000 after acquiring an additional 98,963 shares during the period. 17.57% of the stock is currently owned by institutional investors and hedge funds.
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About Everspin Technologies
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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