Everspin Technologies (NASDAQ:MRAM) Rating Increased to Buy at StockNews.com

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

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

Everspin Technologies Stock Performance

NASDAQ:MRAM opened at $6.57 on Friday. Everspin Technologies has a one year low of $4.89 and a one year high of $9.40. The stock has a market cap of $144.36 million, a PE ratio of 109.50 and a beta of 0.90. The stock has a 50 day moving average price of $6.21 and a 200 day moving average price of $6.00.

Insider Activity

In other news, CEO Sanjeev Aggarwal sold 17,523 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $5.54, for a total transaction of $97,077.42. Following the sale, the chief executive officer now owns 440,215 shares of the company’s stock, valued at approximately $2,438,791.10. This trade represents a 3.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 23,991 shares of company stock worth $135,839. 6.10% of the stock is currently owned by company insiders.

Institutional Trading of Everspin Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Eastern Bank purchased a new position in shares of Everspin Technologies during the third quarter worth about $50,000. Mackenzie Financial Corp purchased a new position in shares of Everspin Technologies in the 2nd quarter valued at approximately $70,000. Jane Street Group LLC acquired a new position in shares of Everspin Technologies in the third quarter valued at approximately $82,000. BNP Paribas Financial Markets raised its stake in shares of Everspin Technologies by 222.9% during the third quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock worth $122,000 after purchasing an additional 14,220 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Everspin Technologies during the second quarter worth approximately $129,000. 44.68% of the stock is owned by hedge funds and other institutional investors.

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.