Everspin Tech (NASDAQ:MRAM) Rating Lowered to Hold at Wall Street Zen

Everspin Tech (NASDAQ:MRAM) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other brokerages have also recently issued reports on MRAM. Needham & Company LLC boosted their price objective on shares of Everspin Tech from $8.00 to $10.50 and gave the company a “buy” rating in a report on Monday, November 10th. Weiss Ratings reissued a “sell (d+)” rating on shares of Everspin Tech in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.50.

Everspin Tech Trading Up 9.5%

Everspin Tech stock opened at $10.92 on Friday. The firm has a market capitalization of $249.63 million, a P/E ratio of -364.00 and a beta of 0.83. The business has a 50-day moving average of $10.82 and a 200-day moving average of $9.10. Everspin Tech has a 1 year low of $4.34 and a 1 year high of $17.24.

Insider Activity at Everspin Tech

In related news, CFO William Earl Cooper sold 6,807 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total value of $82,092.42. Following the completion of the transaction, the chief financial officer directly owned 93,193 shares of the company’s stock, valued at approximately $1,123,907.58. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.90% of the stock is currently owned by insiders.

Institutional Trading of Everspin Tech

A number of institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Everspin Tech in the 2nd quarter valued at approximately $25,000. Total Clarity Wealth Management Inc. grew its stake in shares of Everspin Tech by 15.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 29,267 shares of the business services provider’s stock worth $184,000 after acquiring an additional 3,954 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Everspin Tech by 28.6% during the 2nd quarter. Bank of America Corp DE now owns 27,150 shares of the business services provider’s stock worth $171,000 after acquiring an additional 6,041 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Everspin Tech in the third quarter valued at approximately $82,000. Finally, Algert Global LLC bought a new stake in shares of Everspin Tech in the third quarter worth $102,000. 44.68% of the stock is currently owned by institutional investors.

About Everspin Tech

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.