Needham & Company LLC Has Lowered Expectations for Everspin Tech (NASDAQ:MRAM) Stock Price

Everspin Tech (NASDAQ:MRAM) had its price target dropped by Needham & Company LLC from $15.00 to $14.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Needham & Company LLC’s price objective indicates a potential upside of 29.75% from the stock’s current price.

Several other research analysts have also issued reports on MRAM. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Everspin Tech in a research report on Monday, December 29th. Wall Street Zen cut Everspin Tech from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.00.

Everspin Tech Stock Performance

Shares of NASDAQ MRAM opened at $10.79 on Thursday. The firm has a 50 day moving average price of $11.59 and a two-hundred day moving average price of $9.70. The stock has a market cap of $246.63 million, a P/E ratio of -359.67 and a beta of 0.86. Everspin Tech has a 52-week low of $4.34 and a 52-week high of $17.24.

Insider Buying and Selling at Everspin Tech

In related news, CFO William Earl Cooper sold 6,807 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total transaction of $82,092.42. Following the transaction, the chief financial officer directly owned 93,193 shares of the company’s stock, valued at $1,123,907.58. This represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of Everspin Tech

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Everspin Tech in the 2nd quarter valued at about $25,000. Kestra Advisory Services LLC bought a new stake in shares of Everspin Tech during the fourth quarter valued at approximately $41,000. Occudo Quantitative Strategies LP bought a new stake in shares of Everspin Tech during the second quarter valued at approximately $70,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Everspin Tech during the third quarter worth approximately $82,000. Finally, Algert Global LLC bought a new position in shares of Everspin Tech in the 3rd quarter worth $102,000. 44.68% of the stock is currently owned by institutional investors and hedge funds.

Everspin Tech Company Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.