Everspin Technologies (NASDAQ:MRAM) Cut to Hold at StockNews.com

StockNews.com cut shares of Everspin Technologies (NASDAQ:MRAM) from a buy rating to a hold rating in a research report sent to investors on Thursday.

Separately, Needham & Company LLC restated a “buy” rating and set a $8.00 price objective on shares of Everspin Technologies in a report on Thursday, October 31st.

Everspin Technologies Price Performance

NASDAQ MRAM opened at $6.65 on Thursday. The company has a fifty day moving average price of $6.18 and a 200-day moving average price of $5.97. Everspin Technologies has a 1 year low of $4.89 and a 1 year high of $9.43. The firm has a market cap of $146.10 million, a price-to-earnings ratio of 110.83 and a beta of 0.90.

Insider Activity

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of Everspin Technologies stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $5.54, for a total transaction of $97,077.42. Following the completion of the sale, the chief executive officer now owns 440,215 shares of the company’s stock, valued at $2,438,791.10. The trade was a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 24,022 shares of company stock worth $133,620. 6.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Everspin Technologies

Several institutional investors and hedge funds have recently made changes to their positions in MRAM. Eastern Bank purchased a new stake in Everspin Technologies during the 3rd quarter valued at $50,000. Mackenzie Financial Corp bought a new stake in shares of Everspin Technologies in the second quarter worth about $70,000. Jane Street Group LLC purchased a new position in Everspin Technologies during the 3rd quarter valued at about $82,000. BNP Paribas Financial Markets raised its position in Everspin Technologies by 222.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock valued at $122,000 after purchasing an additional 14,220 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in Everspin Technologies in the 2nd quarter worth approximately $129,000. Institutional investors own 44.68% of the company’s stock.

About Everspin Technologies

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.