Short Interest in Everspin Tech (NASDAQ:MRAM) Rises By 60.7%

Everspin Tech (NASDAQ:MRAM) saw a significant growth in short interest in October. As of October 15th, there was short interest totaling 529,500 shares, a growth of 60.7% from the September 30th total of 329,500 shares. Based on an average daily volume of 207,300 shares, the short-interest ratio is currently 2.6 days. Approximately 3.1% of the shares of the stock are short sold. Approximately 3.1% of the shares of the stock are short sold. Based on an average daily volume of 207,300 shares, the short-interest ratio is currently 2.6 days.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MRAM shares. Wall Street Zen raised Everspin Tech from a “hold” rating to a “buy” rating in a report on Saturday, October 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Everspin Tech in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Insider Activity at Everspin Tech

In other news, CEO Sanjeev Aggarwal sold 17,147 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total transaction of $174,042.05. Following the sale, the chief executive officer directly owned 574,757 shares of the company’s stock, valued at $5,833,783.55. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 20,272 shares of company stock worth $192,963 over the last quarter. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MRAM. Bank of New York Mellon Corp grew its holdings in shares of Everspin Tech by 6.6% in the 1st quarter. Bank of New York Mellon Corp now owns 101,384 shares of the business services provider’s stock valued at $517,000 after buying an additional 6,294 shares during the period. Nuveen LLC bought a new position in Everspin Tech during the first quarter worth about $133,000. Hsbc Holdings PLC lifted its holdings in Everspin Tech by 49.4% during the first quarter. Hsbc Holdings PLC now owns 34,122 shares of the business services provider’s stock worth $173,000 after acquiring an additional 11,282 shares in the last quarter. Lynrock Lake LP grew its stake in Everspin Tech by 132.0% in the first quarter. Lynrock Lake LP now owns 1,586,370 shares of the business services provider’s stock valued at $8,090,000 after acquiring an additional 902,489 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Everspin Tech by 55.1% in the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock worth $188,000 after acquiring an additional 13,086 shares in the last quarter. Institutional investors own 44.68% of the company’s stock.

Everspin Tech Trading Up 1.7%

NASDAQ MRAM opened at $10.60 on Friday. The stock has a 50-day simple moving average of $8.89 and a 200 day simple moving average of $7.06. The company has a market capitalization of $239.77 million, a PE ratio of 151.43 and a beta of 0.36. Everspin Tech has a 12 month low of $4.34 and a 12 month high of $12.27.

Everspin Tech (NASDAQ:MRAM) last issued its earnings results on Wednesday, August 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The company had revenue of $13.20 million for the quarter, compared to the consensus estimate of $13.00 million. Everspin Tech had a return on equity of 2.65% and a net margin of 3.19%.

Everspin Tech Company Profile

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.