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 report released on Saturday morning.

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

Everspin Technologies Price Performance

Everspin Technologies stock opened at $6.57 on Friday. The business has a 50 day simple moving average of $6.21 and a 200 day simple moving average of $6.00. Everspin Technologies has a one year low of $4.89 and a one year high of $9.40. The company has a market capitalization of $144.36 million, a PE ratio of 109.50 and a beta of 0.90.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 17,523 shares of Everspin Technologies stock in a transaction dated 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 transaction, the chief executive officer now directly owns 440,215 shares of the company’s stock, valued at $2,438,791.10. The trade was a 3.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 23,991 shares of company stock worth $135,839. Insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Everspin Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRAM. Herald Investment Management Ltd grew its stake in shares of 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 valued at $2,835,000 after purchasing an additional 139,817 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in 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 buying an additional 121,717 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Everspin Technologies by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 407,444 shares of the business services provider’s stock valued at $2,440,000 after buying an additional 55,772 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Everspin Technologies by 75.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider’s stock valued at $681,000 after buying an additional 49,032 shares during the period. Finally, Barclays PLC raised its position in shares of 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 acquiring an additional 32,240 shares during the last quarter. Institutional investors and hedge funds 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.