Everspin Technologies' (MRAM) "Buy" Rating Reiterated at Needham & Company LLC

Everspin Technologies (NASDAQ:MRAM - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $8.00 price target on the business services provider's stock. Needham & Company LLC's price target suggests a potential upside of 29.45% from the stock's current price.

Separately, StockNews.com lowered Everspin Technologies from a "buy" rating to a "hold" rating in a report on Thursday, July 25th.

Everspin Technologies Stock Performance

Shares of Everspin Technologies stock traded down $0.64 during trading on Thursday, hitting $6.18. 166,303 shares of the stock traded hands, compared to its average volume of 119,346. The company has a fifty day moving average price of $5.85 and a two-hundred day moving average price of $6.09. Everspin Technologies has a twelve month low of $4.89 and a twelve month high of $9.75. The stock has a market cap of $134.35 million, a P/E ratio of 89.43 and a beta of 0.91.

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

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 shares were sold at an average price of $5.54, for a total transaction of $97,077.42. Following the completion of the transaction, the chief executive officer now directly owns 440,215 shares of the company's stock, valued at approximately $2,438,791.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 25,347 shares of company stock valued at $139,635. Insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MRAM. Eastern Bank bought a new position in shares of Everspin Technologies in the third quarter valued at approximately $50,000. Mackenzie Financial Corp bought a new position in Everspin Technologies in the 2nd quarter valued at $70,000. Rhumbline Advisers bought a new position in Everspin Technologies in the 2nd quarter valued at $129,000. Oppenheimer & Close LLC acquired a new position in Everspin Technologies in the first quarter worth $491,000. Finally, Total Clarity Wealth Management Inc. grew its holdings in shares of Everspin Technologies by 11.3% during the second 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. 44.68% of the stock is owned by 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.