Everspin Technologies (NASDAQ:MRAM) Rating Lowered to Hold at 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 to clients and investors on Thursday.

Separately, Needham & Company LLC restated a “buy” rating and issued 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 $6.36 on Thursday. The company has a market cap of $139.74 million, a P/E ratio of 101.31 and a beta of 0.90. The stock has a 50-day moving average of $6.01 and a two-hundred day moving average of $5.95. Everspin Technologies has a 1-year low of $4.89 and a 1-year high of $9.43.

Insiders Place Their Bets

In related news, CEO Sanjeev Aggarwal sold 17,523 shares of Everspin Technologies stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total value of $97,077.42. Following the completion of the transaction, the chief executive officer now owns 440,215 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 24,037 shares of company stock worth $132,561 in the last quarter. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Everspin Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Herald Investment Management Ltd increased its holdings in Everspin Technologies by 41.7% in the second quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider’s stock valued at $2,835,000 after buying an additional 139,817 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of 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 acquiring an additional 121,717 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Everspin Technologies by 15.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 407,444 shares of the business services provider’s stock worth $2,440,000 after acquiring an additional 55,772 shares in the last quarter. Bank of New York Mellon Corp lifted 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 purchasing an additional 49,032 shares during the last quarter. Finally, Barclays PLC lifted its stake in Everspin Technologies by 157.9% during the third quarter. Barclays PLC now owns 52,654 shares of the business services provider’s stock worth $310,000 after purchasing an additional 32,240 shares during the last quarter. 44.68% of the stock is currently owned by institutional investors and hedge funds.

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.