Needham & Company LLC Begins Coverage on Everspin Technologies (NASDAQ:MRAM)

Analysts at Needham & Company LLC started coverage on shares of Everspin Technologies (NASDAQ:MRAM) in a report released on Thursday. The firm set a “buy” rating on the business services provider’s stock.

Separately, StockNews.com cut Everspin Technologies from a “buy” rating to a “hold” rating in a research report on Friday, February 28th.

Everspin Technologies Stock Down 2.4 %

Shares of MRAM stock opened at $5.78 on Thursday. The company has a 50 day moving average price of $5.18 and a 200-day moving average price of $5.84. Everspin Technologies has a 52 week low of $4.34 and a 52 week high of $7.00. The firm has a market capitalization of $129.19 million, a PE ratio of 96.33 and a beta of 0.62.

Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Wednesday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $13.20 million for the quarter, compared to analysts’ expectations of $12.50 million. Everspin Technologies had a net margin of 2.85% and a return on equity of 2.74%.

Insider Transactions at Everspin Technologies

In related news, CEO Sanjeev Aggarwal sold 35,142 shares of Everspin Technologies stock in a transaction on Friday, March 7th. The stock was sold at an average price of $5.37, for a total transaction of $188,712.54. Following the transaction, the chief executive officer now directly owns 654,828 shares in the company, valued at approximately $3,516,426.36. The trade was a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 54,422 shares of company stock worth $285,429 in the last 90 days. 6.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MRAM. Barclays PLC increased its holdings in Everspin Technologies by 157.9% in the 3rd 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 in the last quarter. Jane Street Group LLC bought a new position in shares of Everspin Technologies in the third quarter worth approximately $82,000. Geode Capital Management LLC increased its stake in shares of Everspin Technologies by 0.5% in the third quarter. Geode Capital Management LLC now owns 412,879 shares of the business services provider’s stock worth $2,437,000 after purchasing an additional 1,941 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Everspin Technologies by 49.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 58,668 shares of the business services provider’s stock valued at $346,000 after purchasing an additional 19,367 shares during the period. Finally, State Street Corp lifted its stake in shares of Everspin Technologies by 1.5% during the 3rd quarter. State Street Corp now owns 219,393 shares of the business services provider’s stock valued at $1,294,000 after buying an additional 3,298 shares in the last quarter. 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.