StockNews.com Upgrades Everspin Technologies (NASDAQ:MRAM) to “Buy”

Everspin Technologies (NASDAQ:MRAM) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Everspin Technologies in a research note on Thursday, October 31st.

Everspin Technologies Stock Performance

Shares of NASDAQ MRAM traded down $0.10 during mid-day trading on Wednesday, reaching $5.87. The company had a trading volume of 72,645 shares, compared to its average volume of 120,710. The stock has a market capitalization of $128.96 million, a PE ratio of 97.83 and a beta of 0.90. Everspin Technologies has a twelve month low of $4.89 and a twelve month high of $9.44. The stock’s 50 day moving average is $5.94 and its 200-day moving average is $5.99.

Insider Buying and Selling

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,523 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total transaction of $97,077.42. Following the transaction, the chief executive officer now directly owns 440,215 shares in the company, valued at approximately $2,438,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 24,037 shares of company stock worth $132,561 in the last three months. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Everspin Technologies

Several institutional investors and hedge funds have recently modified their holdings of MRAM. Eastern Bank bought a new stake in Everspin Technologies in the 3rd quarter valued at about $50,000. Mackenzie Financial Corp acquired a new stake in Everspin Technologies in the second quarter valued at approximately $70,000. BNP Paribas Financial Markets grew its position in Everspin Technologies by 222.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock worth $122,000 after acquiring an additional 14,220 shares during the last quarter. Rhumbline Advisers bought a new position in Everspin Technologies in the 2nd quarter valued at approximately $129,000. Finally, Oppenheimer & Close LLC lifted its holdings in Everspin Technologies by 32.3% during the 2nd quarter. Oppenheimer & Close LLC now owns 82,000 shares of the business services provider’s stock worth $491,000 after buying an additional 20,000 shares during the period. 44.68% of the stock is currently owned by institutional investors and hedge funds.

Everspin Technologies 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.