Everspin Tech (NASDAQ:MRAM) Stock Rated “Buy” in New Coverage at Maxim Group

Maxim Group assumed coverage on shares of Everspin Tech (NASDAQ:MRAM) in a report published on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $25.00 price objective on the business services provider’s stock.

MRAM has been the topic of several other research reports. Needham & Company LLC upped their target price on Everspin Tech from $18.50 to $19.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings cut Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.00.

Everspin Tech Price Performance

NASDAQ MRAM opened at $13.66 on Monday. The business has a 50 day moving average price of $16.79 and a 200 day moving average price of $19.12. The company has a market capitalization of $332.62 million, a P/E ratio of 71.81 and a beta of 1.88. Everspin Tech has a 1-year low of $7.35 and a 1-year high of $51.50.

Insiders Place Their Bets

In other news, CFO William Cooper sold 3,115 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $19.08, for a total value of $59,434.20. Following the sale, the chief financial officer directly owned 154,626 shares in the company, valued at $2,950,264.08. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sean Michael Dougherty sold 7,691 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $146,744.28. Following the transaction, the vice president directly owned 100,028 shares of the company’s stock, valued at approximately $1,908,534.24. This trade represents a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 30,378 shares of company stock worth $579,612. Insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Everspin Tech

A number of institutional investors and hedge funds have recently bought and sold shares of MRAM. Bank of America Corp DE raised its holdings in shares of Everspin Tech by 783.4% in the first quarter. Bank of America Corp DE now owns 219,460 shares of the business services provider’s stock worth $1,929,000 after acquiring an additional 194,617 shares during the last quarter. 683 Capital Management LLC acquired a new stake in shares of Everspin Tech during the fourth quarter valued at $1,020,000. Renaissance Technologies LLC boosted its stake in shares of Everspin Tech by 27.9% during the first quarter. Renaissance Technologies LLC now owns 334,367 shares of the business services provider’s stock valued at $2,939,000 after acquiring an additional 73,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Everspin Tech by 13.0% during the first quarter. Dimensional Fund Advisors LP now owns 409,010 shares of the business services provider’s stock valued at $3,594,000 after acquiring an additional 46,929 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Everspin Tech during the first quarter valued at $189,000. Hedge funds and other institutional investors own 44.68% of the company’s stock.

Everspin Tech Company Profile

Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products for applications that require persistent data storage, fast access, high endurance and reliable operation. Unlike conventional volatile memory, MRAM retains data when power is removed, making it suitable for systems that need rapid recovery and data protection.

The company’s product portfolio includes parallel and serial-peripheral-interface (SPI) MRAM, Toggle MRAM and spin-transfer torque (STT-MRAM) products.