EVERSPIN TECH (NASDAQ:MRAM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Everspin Technologies, Inc. is involved in designing, manufacturing and commercially shipping discrete and embedded Magnetoresistive RAM and Spin-Torque MRAM. It serves data center, cloud storage, energy, industrial, automotive and transportation markets. Everspin Technologies, Inc. is headquartered in Chandler, Arizona. “
Several other brokerages have also recently issued reports on MRAM. Needham & Company LLC reaffirmed a “buy” rating and issued a $24.00 price objective on shares of EVERSPIN TECH in a research note on Monday, August 28th. Canaccord Genuity reissued a “buy” rating and issued a $18.00 target price (up from $12.00) on shares of EVERSPIN TECH in a research report on Monday, August 14th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $18.00 target price (down from $19.00) on shares of EVERSPIN TECH in a research report on Friday, August 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $18.50.
Shares of EVERSPIN TECH (MRAM) opened at 12.52 on Wednesday. The stock has a 50 day moving average of $15.69 and a 200 day moving average of $15.69. EVERSPIN TECH has a 52-week low of $6.25 and a 52-week high of $25.39. The firm’s market capitalization is $158.68 million.
EVERSPIN TECH (NASDAQ:MRAM) last announced its quarterly earnings data on Thursday, August 10th. The business services provider reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.02). The firm had revenue of $8.93 million for the quarter, compared to the consensus estimate of $8.75 million. On average, analysts predict that EVERSPIN TECH will post ($1.73) EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Royce & Associates LP purchased a new position in EVERSPIN TECH during the second quarter valued at approximately $2,833,000. Bamco Inc. NY grew its position in EVERSPIN TECH by 15.5% during the second quarter. Bamco Inc. NY now owns 202,725 shares of the business services provider’s stock valued at $4,050,000 after purchasing an additional 27,183 shares in the last quarter. B. Riley Financial Inc. purchased a new position in EVERSPIN TECH during the second quarter valued at approximately $346,000. EAM Investors LLC purchased a new position in EVERSPIN TECH during the second quarter valued at approximately $780,000. Finally, Renaissance Technologies LLC purchased a new position in EVERSPIN TECH during the first quarter valued at approximately $126,000. 28.91% of the stock is currently owned by hedge funds and other institutional investors.
About EVERSPIN TECH
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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