Shares of EVERSPIN TECH (NASDAQ:MRAM) dropped 15.3% on Thursday following a weaker than expected earnings announcement. The stock traded as low as $14.14 and last traded at $15.23, with a volume of 1,013,315 shares changing hands. The stock had previously closed at $17.98.
The business services provider reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by $0.04.
A number of research firms recently weighed in on MRAM. Stifel Nicolaus lifted their price objective on shares of EVERSPIN TECH from $11.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, June 5th. Zacks Investment Research lowered shares of EVERSPIN TECH from a “hold” rating to a “sell” rating in a research report on Friday, April 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of EVERSPIN TECH in a research report on Monday, April 17th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $13.20.
Institutional investors have recently bought and sold shares of the stock. Concert Wealth Management Inc. purchased a new position in EVERSPIN TECH during the second quarter worth $264,000. Renaissance Technologies LLC purchased a new position in EVERSPIN TECH during the first quarter worth $126,000. Wells Fargo & Company MN purchased a new position in EVERSPIN TECH during the second quarter worth $322,000. Dialectic Capital Management LP purchased a new position in EVERSPIN TECH during the first quarter worth $182,000. Finally, Mesirow Financial Investment Management Equity Management purchased a new position in EVERSPIN TECH during the first quarter worth $417,000. Hedge funds and other institutional investors own 40.12% of the company’s stock.
The stock’s market cap is $190.51 million. The firm’s 50-day moving average price is $21.05 and its 200-day moving average price is $13.04.
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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