Short Interest in Everspin Technologies, Inc. (NASDAQ:MRAM) Expands By 32.3%

Everspin Technologies, Inc. (NASDAQ:MRAM - Get Free Report) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 830,300 shares, an increase of 32.3% from the September 15th total of 627,800 shares. Approximately 4.8% of the company's shares are sold short. Based on an average daily trading volume, of 106,700 shares, the days-to-cover ratio is presently 7.8 days.

Everspin Technologies Price Performance

Shares of NASDAQ:MRAM traded down $0.01 on Tuesday, reaching $6.32. The company's stock had a trading volume of 73,420 shares, compared to its average volume of 120,603. The stock's 50-day moving average is $5.62 and its two-hundred day moving average is $6.21. Everspin Technologies has a 52-week low of $4.89 and a 52-week high of $10.50. The stock has a market capitalization of $136.01 million, a P/E ratio of 17.08 and a beta of 0.91.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). Everspin Technologies had a net margin of 2.92% and a return on equity of 3.16%. The business had revenue of $10.64 million for the quarter.

Wall Street Analysts Forecast Growth

Several research firms have commented on MRAM. Needham & Company LLC restated a "buy" rating and issued a $8.00 price target on shares of Everspin Technologies in a research note on Thursday, August 1st. StockNews.com cut shares of Everspin Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, July 25th.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 17,523 shares of Everspin Technologies stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $5.54, for a total value 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 25,347 shares of company stock valued at $139,635. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of Everspin Technologies by 17.0% during the second quarter. Acadian Asset Management LLC now owns 835,824 shares of the business services provider's stock worth $5,003,000 after acquiring an additional 121,717 shares during the period. GSA Capital Partners LLP grew its position in Everspin Technologies by 4.1% during the first quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider's stock worth $561,000 after buying an additional 2,764 shares during the period. Herald Investment Management Ltd grew its position in Everspin Technologies by 41.7% during the second quarter. Herald Investment Management Ltd now owns 474,817 shares of the business services provider's stock worth $2,835,000 after buying an additional 139,817 shares during the period. Bank of New York Mellon Corp grew its position in Everspin Technologies by 75.9% during the second quarter. Bank of New York Mellon Corp now owns 113,655 shares of the business services provider's stock worth $681,000 after buying an additional 49,032 shares during the period. Finally, Vanguard Group Inc. grew its position in Everspin Technologies by 3.0% during the first quarter. Vanguard Group Inc. now owns 776,934 shares of the business services provider's stock worth $6,153,000 after buying an additional 22,657 shares during the period. 44.68% of the stock is currently owned by institutional investors and hedge funds.

About Everspin Technologies

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.