Everspin Technologies (NASDAQ:MRAM) Rating Lowered to “Hold” at StockNews.com

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

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of Everspin Technologies in a research report on Thursday, October 31st.

Everspin Technologies Trading Up 3.1 %

Shares of NASDAQ MRAM opened at $6.65 on Thursday. Everspin Technologies has a 12-month low of $4.89 and a 12-month high of $9.43. The stock’s fifty day simple moving average is $6.18 and its two-hundred day simple moving average is $5.97. The stock has a market capitalization of $146.10 million, a PE ratio of 110.83 and a beta of 0.90.

Insider Buying and Selling at Everspin Technologies

In other news, CEO Sanjeev Aggarwal sold 17,523 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $5.54, for a total transaction of $97,077.42. Following the completion of the sale, the chief executive officer now owns 440,215 shares in the company, valued at approximately $2,438,791.10. This represents a 3.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 24,022 shares of company stock worth $133,620 over the last three months. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings in 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 acquiring an additional 1,941 shares in the last quarter. State Street Corp raised its position in shares of Everspin Technologies by 1.5% in the 3rd quarter. State Street Corp now owns 219,393 shares of the business services provider’s stock valued at $1,294,000 after purchasing an additional 3,298 shares during the last quarter. Eastern Bank acquired a new stake in Everspin Technologies in the 3rd quarter worth approximately $50,000. Total Clarity Wealth Management Inc. grew its position in Everspin Technologies by 11.3% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 86,359 shares of the business services provider’s stock worth $517,000 after purchasing an additional 8,767 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Everspin Technologies during the 2nd quarter valued at approximately $70,000. 44.68% of the stock is 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.