Everspin Technologies Inc (NASDAQ:MRAM) Short Interest Up 6.1% in June

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Everspin Technologies Inc (NASDAQ:MRAM) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 536,700 shares, an increase of 6.1% from the May 30th total of 506,000 shares. Currently, 4.7% of the company’s stock are short sold. Based on an average daily volume of 64,500 shares, the days-to-cover ratio is presently 8.3 days.

A number of brokerages have issued reports on MRAM. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price objective on shares of SCYNEXIS in a research note on Sunday, May 12th. Zacks Investment Research cut ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th.

NASDAQ:MRAM traded up $0.33 during trading hours on Tuesday, reaching $6.59. 705 shares of the company traded hands, compared to its average volume of 70,290. The firm has a 50-day moving average price of $6.62. The firm has a market capitalization of $113.57 million, a PE ratio of -6.14 and a beta of 2.24. Everspin Technologies has a 1 year low of $5.30 and a 1 year high of $11.20. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.55 and a quick ratio of 1.84.

Everspin Technologies (NASDAQ:MRAM) last announced its quarterly earnings data on Wednesday, May 8th. The business services provider reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.01. The business had revenue of $10.03 million during the quarter, compared to analysts’ expectations of $9.70 million. Everspin Technologies had a negative return on equity of 76.21% and a negative net margin of 44.80%. As a group, analysts anticipate that Everspin Technologies will post -1.06 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the business. Raging Capital Management LLC raised its stake in shares of Everspin Technologies by 91.7% in the fourth quarter. Raging Capital Management LLC now owns 1,485,433 shares of the business services provider’s stock worth $8,333,000 after purchasing an additional 710,433 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Everspin Technologies in the fourth quarter worth $80,000. Bank of New York Mellon Corp purchased a new position in shares of Everspin Technologies in the fourth quarter worth $80,000. Finally, BlackRock Inc. raised its stake in shares of Everspin Technologies by 6.5% in the fourth quarter. BlackRock Inc. now owns 195,709 shares of the business services provider’s stock worth $1,097,000 after purchasing an additional 11,959 shares during the last quarter. Institutional investors and hedge funds own 40.06% of the company’s stock.

About Everspin Technologies

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products to customers in the United States, Japan, China, Germany, Singapore, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and embedded MRAM products, as well as magnetic sensors and aerospace and satellite electronic systems.

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