Everspin Technologies (NASDAQ:MRAM) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Everspin Technologies (NASDAQ:MRAM) from a buy rating to a hold rating in a report published on Thursday.

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

Everspin Technologies Stock Performance

Shares of NASDAQ MRAM opened at $6.36 on Thursday. The business has a fifty day moving average of $6.03 and a two-hundred day moving average of $5.95. Everspin Technologies has a 52-week low of $4.89 and a 52-week high of $9.43. The stock has a market cap of $139.73 million, a PE ratio of 106.00 and a beta of 0.90.

Insider Activity at Everspin Technologies

In other Everspin Technologies 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 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 3.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 24,037 shares of company stock valued at $132,561 in the last three months. Corporate insiders own 6.10% of the company’s stock.

Institutional Trading of Everspin Technologies

Several hedge funds have recently modified their holdings of the stock. Eastern Bank bought a new position in Everspin Technologies in the 3rd quarter worth approximately $50,000. Mackenzie Financial Corp acquired a new stake in shares of Everspin Technologies in the 2nd quarter valued at $70,000. Jane Street Group LLC bought a new stake in shares of Everspin Technologies during the third quarter worth $82,000. BNP Paribas Financial Markets lifted 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 valued at $122,000 after acquiring an additional 14,220 shares during the period. Finally, Rhumbline Advisers bought a new position in Everspin Technologies in the second quarter valued at about $129,000. 44.68% of the stock is owned by institutional investors.

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.