EVERSPIN TECH (MRAM) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of EVERSPIN TECH (NASDAQ:MRAM) from a hold rating to a sell rating in a report issued on Tuesday morning.

According to Zacks, “Everspin Technologies, Inc. is involved in designing, manufacturing and commercially shipping discrete and embedded Magnetoresistive RAM and Spin-Torque MRAM. It serves data center, cloud storage, energy, industrial, automotive and transportation markets. Everspin Technologies, Inc. is headquartered in Chandler, Arizona. “

Several other equities research analysts have also commented on the company. Needham & Company LLC restated a buy rating and issued a $10.00 price objective on shares of EVERSPIN TECH in a research note on Monday, April 17th. Stifel Nicolaus upped their price objective on EVERSPIN TECH from $11.00 to $19.00 and gave the stock a buy rating in a research note on Monday, June 5th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $18.00 target price (up previously from $12.00) on shares of EVERSPIN TECH in a report on Monday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. EVERSPIN TECH presently has an average rating of Buy and an average price target of $14.20.

EVERSPIN TECH (NASDAQ:MRAM) opened at 14.75 on Tuesday. The company’s market capitalization is $186.94 million. EVERSPIN TECH has a 12-month low of $6.15 and a 12-month high of $25.39. The stock has a 50 day moving average price of $20.25 and a 200-day moving average price of $13.27.

EVERSPIN TECH (NASDAQ:MRAM) last posted its quarterly earnings data on Thursday, August 10th. The business services provider reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.38) by $0.02. The firm had revenue of $8.93 million during the quarter, compared to analysts’ expectations of $8.75 million. Equities analysts predict that EVERSPIN TECH will post ($1.73) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Herald Investment Management Ltd purchased a new position in shares of EVERSPIN TECH during the first quarter valued at $1,223,000. Royce & Associates LP purchased a new position in shares of EVERSPIN TECH during the second quarter valued at $2,833,000. Vanguard Group Inc. increased its position in shares of EVERSPIN TECH by 248.2% in the second quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock valued at $2,774,000 after buying an additional 98,963 shares in the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in shares of EVERSPIN TECH during the first quarter valued at $417,000. Finally, EAM Investors LLC purchased a new position in shares of EVERSPIN TECH during the second quarter valued at $780,000. 41.25% of the stock is owned by institutional investors.

About EVERSPIN TECH

Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.

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