Stifel Nicolaus Reaffirms “Buy” Rating for EVERSPIN TECH (MRAM)
Stifel Nicolaus reissued their buy rating on shares of EVERSPIN TECH (NASDAQ:MRAM) in a research report report published on Thursday morning. The brokerage currently has a $18.00 target price on the business services provider’s stock.
A number of other equities analysts also recently commented on the company. Zacks Investment Research upgraded EVERSPIN TECH from a sell rating to a hold rating in a research note on Wednesday. Needham & Company LLC restated a buy rating and issued a $24.00 target price on shares of EVERSPIN TECH in a research note on Monday, August 28th. Finally, Canaccord Genuity restated a buy rating and issued a $18.00 target price (up from $12.00) on shares of EVERSPIN TECH in a research note on Monday, August 14th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $18.50.
Shares of EVERSPIN TECH (NASDAQ MRAM) traded down 6.55% during mid-day trading on Thursday, hitting $11.70. The company had a trading volume of 248,724 shares. The stock’s 50-day moving average is $15.53 and its 200-day moving average is $15.53. The stock’s market cap is $148.29 million. EVERSPIN TECH has a 52-week low of $6.25 and a 52-week high of $19.25.
EVERSPIN TECH (NASDAQ:MRAM) last issued its earnings results on Thursday, August 10th. The business services provider reported ($0.40) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.02). The business had revenue of $8.93 million during the quarter, compared to the consensus estimate of $8.75 million. Equities analysts forecast that EVERSPIN TECH will post ($1.73) earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of MRAM. Renaissance Technologies LLC acquired a new position in shares of EVERSPIN TECH during the first quarter worth approximately $126,000. Royce & Associates LP acquired a new stake in EVERSPIN TECH in the second quarter worth approximately $2,833,000. Wells Fargo & Company MN acquired a new stake in EVERSPIN TECH in the second quarter worth approximately $322,000. Concert Wealth Management Inc. acquired a new stake in EVERSPIN TECH in the second quarter worth approximately $264,000. Finally, Vanguard Group Inc. lifted its position in EVERSPIN TECH by 248.2% in the second quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock worth $2,774,000 after purchasing an additional 98,963 shares during the period. Institutional investors and hedge funds own 28.91% of the company’s stock.
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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