StockNews.com Upgrades Everspin Technologies (NASDAQ:MRAM) to “Buy”

Everspin Technologies (NASDAQ:MRAM) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

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

Everspin Technologies Price Performance

MRAM opened at $5.87 on Wednesday. The business has a fifty day moving average price of $5.94 and a 200 day moving average price of $5.99. Everspin Technologies has a 12 month low of $4.89 and a 12 month high of $9.44. The stock has a market capitalization of $128.96 million, a price-to-earnings ratio of 97.67 and a beta of 0.90.

Insider Activity

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the company’s stock in a transaction 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. 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 available at this hyperlink. In the last 90 days, insiders have sold 24,037 shares of company stock worth $132,561. 6.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Eastern Bank purchased a new stake in shares of Everspin Technologies in the third quarter valued at about $50,000. Mackenzie Financial Corp acquired a new position in Everspin Technologies in the 2nd quarter valued at about $70,000. BNP Paribas Financial Markets raised its stake 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 acquiring an additional 14,220 shares during the last quarter. Rhumbline Advisers acquired a new stake in Everspin Technologies during the 2nd quarter worth approximately $129,000. Finally, Oppenheimer & Close LLC grew its stake in shares of Everspin Technologies by 32.3% in the 2nd quarter. Oppenheimer & Close LLC now owns 82,000 shares of the business services provider’s stock valued at $491,000 after purchasing an additional 20,000 shares during the last quarter. 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.