Everspin Technologies (NASDAQ:MRAM) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Everspin Technologies (NASDAQ:MRAM) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

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

Everspin Technologies Stock Performance

Everspin Technologies stock opened at $6.23 on Friday. The firm has a market cap of $136.87 million, a price-to-earnings ratio of 103.83 and a beta of 0.90. Everspin Technologies has a 1 year low of $4.89 and a 1 year high of $9.43. The firm’s 50 day moving average price is $6.19 and its two-hundred day moving average price is $5.98.

Insiders Place Their Bets

In other news, CEO Sanjeev Aggarwal sold 17,523 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 440,215 shares of the company’s stock, valued at $2,438,791.10. This trade represents a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 23,991 shares of company stock worth $135,839 over the last ninety days. 6.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Everspin Technologies

Several hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC increased its stake in Everspin Technologies by 17.0% in the 2nd quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider’s stock valued at $5,003,000 after buying an additional 121,717 shares during the period. Herald Investment Management Ltd grew its holdings in shares of Everspin Technologies by 41.7% during the 2nd quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider’s stock valued at $2,835,000 after acquiring an additional 139,817 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Everspin Technologies by 75.9% in 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 acquiring an additional 49,032 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Everspin Technologies during the second quarter worth $129,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Everspin Technologies by 222.9% during the third quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock worth $122,000 after acquiring an additional 14,220 shares in the last quarter. 44.68% of the stock is owned by hedge funds and other institutional investors.

Everspin Technologies Company Profile

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.