Granite Investment Partners LLC Takes $560,000 Position in Everspin Tech (MRAM)
Granite Investment Partners LLC bought a new stake in shares of Everspin Tech (NASDAQ:MRAM) in the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 32,768 shares of the business services provider’s stock, valued at approximately $560,000. Granite Investment Partners LLC owned 0.26% of Everspin Tech as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in Everspin Tech during the 1st quarter valued at about $126,000. Concert Wealth Management Inc. acquired a new position in Everspin Tech during the 2nd quarter valued at about $264,000. Wells Fargo & Company MN acquired a new position in Everspin Tech during the 2nd quarter valued at about $322,000. B. Riley Financial Inc. acquired a new position in Everspin Tech during the 2nd quarter valued at about $346,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Everspin Tech during the 2nd quarter valued at about $419,000. 29.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Everspin Tech (NASDAQ MRAM) opened at $8.76 on Friday. Everspin Tech has a one year low of $6.63 and a one year high of $25.39. The company has a current ratio of 3.04, a quick ratio of 2.27 and a debt-to-equity ratio of 0.74.
Everspin Tech (NASDAQ:MRAM) last issued its quarterly earnings results on Monday, November 13th. The business services provider reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. The company had revenue of $8.30 million during the quarter, compared to analyst estimates of $9.90 million. Everspin Tech had a negative net margin of 66.90% and a negative return on equity of 108.26%. Everspin Tech’s quarterly revenue was up 31.7% on a year-over-year basis. sell-side analysts expect that Everspin Tech will post -1.75 EPS for the current fiscal year.
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MRAM has been the subject of a number of analyst reports. Stifel Nicolaus reissued a “buy” rating and set a $18.00 target price on shares of Everspin Tech in a research note on Thursday, October 12th. Canaccord Genuity reissued a “buy” rating and set a $18.00 target price (up from $12.00) on shares of Everspin Tech in a research note on Monday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $24.00 target price on shares of Everspin Tech in a research note on Monday, August 28th. Zacks Investment Research raised shares of Everspin Tech from a “sell” rating to a “hold” rating in a research note on Friday, November 17th. Finally, reduced their target price on shares of Everspin Tech from $24.00 to $17.00 and set a “strong-buy” rating for the company in a research note on Wednesday, November 15th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $16.75.
Everspin Tech Company Profile
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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