Everspin Technologies (NASDAQ:MRAM) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Everspin Technologies (NASDAQ:MRAM) from a buy rating to a hold rating in a report released on Friday.

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

Everspin Technologies Stock Performance

Shares of MRAM opened at $5.64 on Friday. Everspin Technologies has a fifty-two week low of $4.89 and a fifty-two week high of $9.00. The company has a market capitalization of $123.92 million, a price-to-earnings ratio of 94.00 and a beta of 0.88. The firm has a 50-day simple moving average of $6.15 and a 200-day simple moving average of $6.00.

Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Wednesday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Everspin Technologies had a return on equity of 2.74% and a net margin of 2.85%. The business had revenue of $13.20 million for the quarter, compared to analyst estimates of $12.50 million.

Institutional Investors Weigh In On Everspin Technologies

A number of hedge funds have recently added to or reduced their stakes in MRAM. BNP Paribas Financial Markets lifted its position in Everspin Technologies by 222.9% in the third quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock valued at $122,000 after purchasing an additional 14,220 shares during the period. State Street Corp lifted its position in Everspin Technologies by 1.5% in the third 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 period. Jane Street Group LLC acquired a new stake in Everspin Technologies in the third quarter valued at about $82,000. Barclays PLC increased its holdings in Everspin Technologies by 157.9% in the third quarter. Barclays PLC now owns 52,654 shares of the business services provider’s stock valued at $310,000 after buying an additional 32,240 shares in the last quarter. Finally, Geode Capital Management LLC increased 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 valued at $2,437,000 after buying an additional 1,941 shares in the last quarter. Institutional investors and hedge funds own 44.68% of the company’s stock.

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.