Stifel Nicolaus Cuts Everspin Technologies (MRAM) Price Target to $13.00

Everspin Technologies (NASDAQ:MRAM) had its price target decreased by research analysts at Stifel Nicolaus from $15.00 to $13.00 in a note issued to investors on Friday, March 16th. The firm presently has a “buy” rating on the business services provider’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 75.91% from the company’s current price.

MRAM has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Everspin Technologies in a research note on Friday, March 16th. Canaccord Genuity reduced their target price on shares of Everspin Technologies from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, November 17th. Finally, Zacks Investment Research raised shares of Everspin Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $14.75.

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Shares of Everspin Technologies stock traded down $0.34 on Friday, hitting $7.39. 43,151 shares of the company’s stock traded hands, compared to its average volume of 106,865. Everspin Technologies has a one year low of $6.40 and a one year high of $25.39. The stock has a market capitalization of $122.94, a price-to-earnings ratio of -4.37 and a beta of 3.13. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.42 and a current ratio of 2.22.

Everspin Technologies (NASDAQ:MRAM) last announced its quarterly earnings results on Thursday, March 15th. The business services provider reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $10.10 million. The company’s revenue for the quarter was up 42.3% compared to the same quarter last year. research analysts forecast that Everspin Technologies will post -0.93 EPS for the current fiscal year.

In other news, Director Michael B. Gustafson bought 14,286 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were bought at an average cost of $7.00 per share, with a total value of $100,002.00. Following the acquisition, the director now owns 14,286 shares in the company, valued at $100,002. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kevin Conley bought 14,285 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $7.00 per share, for a total transaction of $99,995.00. Following the completion of the acquisition, the insider now owns 24,285 shares in the company, valued at approximately $169,995. The disclosure for this purchase can be found here. Insiders own 32.80% of the company’s stock.

Several hedge funds have recently modified their holdings of MRAM. Wells Fargo & Company MN bought a new position in Everspin Technologies in the 2nd quarter valued at about $322,000. Bamco Inc. NY raised its holdings in Everspin Technologies by 20.3% in the 3rd quarter. Bamco Inc. NY now owns 243,825 shares of the business services provider’s stock valued at $4,167,000 after acquiring an additional 41,100 shares during the period. Royce & Associates LP raised its holdings in 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. B. Riley Financial Inc. raised its holdings in Everspin Technologies by 135.2% in the 3rd quarter. B. Riley Financial Inc. now owns 40,720 shares of the business services provider’s stock valued at $696,000 after acquiring an additional 23,408 shares during the period. Finally, EAM Investors LLC raised its holdings in 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. 17.27% of the stock is currently owned by institutional investors.

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About Everspin Technologies

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products to customers in the United States and internationally. It offers first generation, second generation, third generation, embedded MRAM, magnetic sensor, and aerospace and satellite electronic systems.

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