Everspin Technologies (NASDAQ:MRAM) Price Target Cut to $10.00

Everspin Technologies (NASDAQ:MRAM) had its target price reduced by analysts at Craig Hallum from $11.00 to $10.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Craig Hallum’s price objective would indicate a potential upside of 56.49% from the stock’s current price.

Separately, Needham & Company LLC decreased their price target on Everspin Technologies from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday.

Everspin Technologies Stock Performance

MRAM traded down $0.12 on Thursday, hitting $6.39. 214,881 shares of the company were exchanged, compared to its average volume of 94,847. Everspin Technologies has a 12 month low of $6.11 and a 12 month high of $10.50. The firm has a fifty day simple moving average of $7.88 and a two-hundred day simple moving average of $8.56. The stock has a market capitalization of $135.66 million, a PE ratio of 17.27 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04). The business had revenue of $14.43 million during the quarter. Everspin Technologies had a return on equity of 16.14% and a net margin of 12.77%. During the same quarter in the previous year, the business earned $0.04 EPS.

Insider Transactions at Everspin Technologies

In other Everspin Technologies news, CFO Anuj Aggarwal sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.21, for a total transaction of $164,200.00. Following the completion of the sale, the chief financial officer now owns 302,824 shares in the company, valued at $2,486,185.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Anuj Aggarwal sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.21, for a total transaction of $164,200.00. Following the completion of the sale, the chief financial officer now directly owns 302,824 shares in the company, valued at approximately $2,486,185.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David Schrenk sold 5,000 shares of Everspin Technologies stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the completion of the transaction, the vice president now owns 115,767 shares in the company, valued at approximately $929,609.01. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,968 shares of company stock valued at $590,033. Company insiders own 6.10% of the company’s stock.

Institutional Trading of Everspin Technologies

A number of institutional investors have recently bought and sold shares of MRAM. GSA Capital Partners LLP lifted its position in Everspin Technologies by 4.1% during the first quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider’s stock valued at $561,000 after purchasing an additional 2,764 shares during the period. Quadrature Capital Ltd boosted its holdings in Everspin Technologies by 21.1% in the 4th quarter. Quadrature Capital Ltd now owns 37,864 shares of the business services provider’s stock worth $342,000 after buying an additional 6,609 shares during the last quarter. Trexquant Investment LP acquired a new position in Everspin Technologies in the 4th quarter valued at $171,000. Hillsdale Investment Management Inc. boosted its position in Everspin Technologies by 28.9% during the fourth quarter. Hillsdale Investment Management Inc. now owns 222,402 shares of the business services provider’s stock worth $2,011,000 after acquiring an additional 49,899 shares during the last quarter. Finally, Jump Financial LLC lifted its position in Everspin Technologies by 55.9% during the fourth quarter. Jump Financial LLC now owns 28,899 shares of the business services provider’s stock worth $261,000 after buying an additional 10,357 shares in the last quarter. 44.68% of the stock is currently owned by institutional investors and hedge funds.

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.