Everspin Technologies (NASDAQ:MRAM) PT Lowered to $8.00

Everspin Technologies (NASDAQ:MRAM) had its price target cut by Needham & Company LLC from $12.00 to $8.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 25.20% from the company’s previous close.

Everspin Technologies Stock Performance

Shares of Everspin Technologies stock traded down $0.12 during midday trading on Thursday, reaching $6.39. 214,881 shares of the company’s stock traded hands, compared to its average volume of 94,847. Everspin Technologies has a 52 week low of $6.11 and a 52 week high of $10.50. The company’s 50 day simple moving average is $7.88 and its 200 day simple moving average is $8.56. The company has a market cap of $135.66 million, a price-to-earnings ratio of 17.27 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM) last posted its earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The company had revenue of $14.43 million for the quarter. Everspin Technologies had a net margin of 12.77% and a return on equity of 16.14%. During the same quarter in the prior year, the business posted $0.04 EPS.

Insider Transactions at Everspin Technologies

In related news, VP David Schrenk sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the transaction, the vice president now directly owns 115,767 shares in the company, valued at approximately $929,609.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP David Schrenk sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total transaction of $40,150.00. Following the completion of the transaction, the vice president now owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anuj Aggarwal sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total value of $164,200.00. Following the completion of the sale, the chief financial officer now directly owns 302,824 shares in the company, valued at approximately $2,486,185.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,968 shares of company stock worth $590,033. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Everspin Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRAM. Bailard Inc. grew its holdings in shares of Everspin Technologies by 113.8% during the 3rd quarter. Bailard Inc. now owns 23,300 shares of the business services provider’s stock worth $229,000 after purchasing an additional 12,400 shares in the last quarter. Jump Financial LLC acquired a new stake in Everspin Technologies during the third quarter worth $182,000. Barclays PLC acquired a new stake in Everspin Technologies during the third quarter worth $99,000. WINTON GROUP Ltd acquired a new position in shares of Everspin Technologies in the 3rd quarter valued at $241,000. Finally, Acadian Asset Management LLC boosted its position in shares of Everspin Technologies by 16.8% during the 3rd quarter. Acadian Asset Management LLC now owns 507,115 shares of the business services provider’s stock valued at $4,982,000 after acquiring an additional 73,109 shares in the last quarter. 44.68% of the stock is currently owned by institutional investors.

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.