Renaissance Technologies LLC Has $2.94 Million Stock Position in Everspin Tech $MRAM

Renaissance Technologies LLC raised its position in shares of Everspin Tech (NASDAQ:MRAM) by 27.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 334,367 shares of the business services provider’s stock after purchasing an additional 73,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Everspin Tech were worth $2,939,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MRAM. Raymond James Financial Inc. bought a new position in Everspin Tech during the 2nd quarter worth approximately $25,000. Kestra Advisory Services LLC bought a new stake in shares of Everspin Tech in the 4th quarter valued at $41,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Everspin Tech during the second quarter worth $70,000. Fortitude Advisory Group L.L.C. acquired a new stake in shares of Everspin Tech during the first quarter worth $99,000. Finally, Algert Global LLC acquired a new stake in shares of Everspin Tech during the third quarter worth $102,000. Institutional investors own 44.68% of the company’s stock.

Everspin Tech Stock Performance

Everspin Tech stock opened at $16.64 on Friday. The stock has a market capitalization of $405.18 million, a price-to-earnings ratio of -151.26 and a beta of 1.94. Everspin Tech has a 52-week low of $5.86 and a 52-week high of $51.50. The stock’s 50 day moving average price is $20.32 and its two-hundred day moving average price is $17.12.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MRAM shares. Needham & Company LLC boosted their target price on shares of Everspin Tech from $18.50 to $19.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings lowered Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.00.

Insider Activity at Everspin Tech

In related news, CEO Sanjeev Aggarwal sold 30,885 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $22.34, for a total transaction of $689,970.90. Following the transaction, the chief executive officer directly owned 839,561 shares of the company’s stock, valued at $18,755,792.74. This represents a 3.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glen Hawk sold 48,563 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $37.95, for a total transaction of $1,842,965.85. Following the transaction, the director directly owned 39,551 shares in the company, valued at approximately $1,500,960.45. This represents a 55.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 148,843 shares of company stock worth $4,775,218 over the last ninety days. 6.30% of the stock is owned by corporate insiders.

Everspin Tech Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.