Everspin Technologies (NASDAQ:MRAM) Stock Rating Lowered by StockNews.com

Everspin Technologies (NASDAQ:MRAM) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

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

Everspin Technologies Trading Up 4.6 %

MRAM opened at $6.36 on Thursday. Everspin Technologies has a twelve month low of $4.89 and a twelve month high of $9.43. The firm has a market capitalization of $139.74 million, a PE ratio of 101.31 and a beta of 0.90. The firm’s 50-day moving average price is $6.01 and its 200 day moving average price is $5.95.

Insider Buying and Selling

In related news, CEO Sanjeev Aggarwal sold 17,523 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $5.54, for a total value of $97,077.42. Following the transaction, the chief executive officer now directly owns 440,215 shares in the company, valued at approximately $2,438,791.10. This represents a 3.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 24,037 shares of company stock worth $132,561. Insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Everspin Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRAM. Acadian Asset Management LLC increased its position in shares of Everspin Technologies by 17.0% during the 2nd quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider’s stock worth $5,003,000 after purchasing an additional 121,717 shares during the last quarter. Herald Investment Management Ltd boosted its stake in Everspin Technologies by 41.7% during the second quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider’s stock worth $2,835,000 after buying an additional 139,817 shares during the period. Bank of New York Mellon Corp boosted its stake in Everspin Technologies by 75.9% during the second quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider’s stock worth $681,000 after buying an additional 49,032 shares during the period. Vanguard Group Inc. increased its position in shares of Everspin Technologies by 3.0% during the first quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider’s stock valued at $6,153,000 after acquiring an additional 22,657 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Everspin Technologies in the 2nd quarter valued at approximately $129,000. Hedge funds and other 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.