Zacks Investment Research upgraded shares of Everspin Technologies (NASDAQ:MRAM) from a sell rating to a hold rating in a research note published 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. “
MRAM has been the topic of a number of other reports. TheStreet cut Everspin Technologies from a c- rating to a d rating in a research note on Friday, September 7th. Needham & Company LLC reiterated a buy rating and issued a $14.00 target price on shares of Everspin Technologies in a research note on Thursday, August 9th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $13.75.
MRAM traded down $0.06 during trading hours on Wednesday, hitting $6.81. 104,580 shares of the stock were exchanged, compared to its average volume of 131,748. Everspin Technologies has a 12 month low of $6.40 and a 12 month high of $12.73. The stock has a market capitalization of $129.82 million, a PE ratio of -4.03 and a beta of 3.01. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.20 and a quick ratio of 2.57.
Everspin Technologies (NASDAQ:MRAM) last announced its quarterly earnings data on Wednesday, August 8th. The business services provider reported ($0.40) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.02. Everspin Technologies had a negative return on equity of 75.89% and a negative net margin of 39.62%. The firm had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $11.10 million. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, research analysts anticipate that Everspin Technologies will post -1.13 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the business. Northern Trust Corp acquired a new position in shares of Everspin Technologies during the first quarter valued at $155,000. Millennium Management LLC acquired a new position in shares of Everspin Technologies during the first quarter valued at $647,000. Royal Bank of Canada increased its holdings in shares of Everspin Technologies by 14.2% during the first quarter. Royal Bank of Canada now owns 226,916 shares of the business services provider’s stock valued at $1,713,000 after purchasing an additional 28,166 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of Everspin Technologies during the first quarter valued at $3,662,000. Finally, Stifel Financial Corp increased its holdings in shares of Everspin Technologies by 115.6% during the first quarter. Stifel Financial Corp now owns 64,968 shares of the business services provider’s stock valued at $504,000 after purchasing an additional 34,834 shares during the period. Institutional investors own 33.72% of the company’s stock.
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 Toggle MRAM, spin-transfer torque MRAM, embedded MRAM, magnetic sensor, and aerospace and satellite electronic systems. The company provides its products for applications, including industrial, automotive, transportation, and enterprise storage markets.
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