Maxim Group Begins Coverage on Everspin Tech (NASDAQ:MRAM)

Key Points

• Maxim Group initiated coverage of Everspin Technologies with a “Buy” rating and a $25 price target, implying approximately 52% upside from the stock’s $16.45 opening price.
• Analyst sentiment is mixed: two analysts rate Everspin a Buy and one rates it a Sell, resulting in a consensus “Hold” rating and an average price target of $22.00.
• Insiders sold shares recently, including the CEO and CFO, while institutional ownership stands at 44.68%; the company develops persistent-data MRAM products for high-speed, reliable storage applications.

Maxim Group assumed coverage on shares of Everspin Tech (NASDAQ:MRAM - Get Free Report) in a research report issued to clients and investors on Monday, Briefing.com reports. The brokerage set a "buy" rating and a $25.00 price target on the business services provider's stock. Maxim Group's price objective indicates a potential upside of 51.98% from the company's current price.

A number of other brokerages have also recently weighed in on MRAM. Needham & Company LLC upped their price objective on shares of Everspin Tech from $18.50 to $19.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Everspin Tech currently has an average rating of "Hold" and an average target price of $22.00.

Everspin Tech Price Performance

Shares of Everspin Tech stock opened at $16.45 on Monday. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50. The firm has a market cap of $400.56 million, a price-to-earnings ratio of -149.53 and a beta of 1.88. The company has a 50-day moving average of $16.89 and a 200 day moving average of $19.00.

Insider Buying and Selling

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 19,572 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $19.08, for a total transaction of $373,433.76. Following the completion of the sale, the chief executive officer directly owned 813,627 shares in the company, valued at approximately $15,524,003.16. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Cooper sold 3,115 shares of Everspin Tech stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $59,434.20. Following the completion of the transaction, the chief financial officer directly owned 154,626 shares of the company's stock, valued at $2,950,264.08. This trade represents a 1.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,378 shares of company stock worth $579,612 in the last quarter. Corporate insiders own 6.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Everspin Tech by 57.9% during the third quarter. Farther Finance Advisors LLC now owns 7,105 shares of the business services provider's stock valued at $131,000 after acquiring an additional 2,605 shares in the last quarter. Fortitude Advisory Group L.L.C. lifted its position in Everspin Tech by 37.7% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 15,551 shares of the business services provider's stock valued at $376,000 after acquiring an additional 4,261 shares in the last quarter. Bank of America Corp DE lifted its position in Everspin Tech by 783.4% in the 1st quarter. Bank of America Corp DE now owns 219,460 shares of the business services provider's stock valued at $1,929,000 after acquiring an additional 194,617 shares in the last quarter. Renaissance Technologies LLC lifted its position in Everspin Tech by 27.9% in the 1st quarter. Renaissance Technologies LLC now owns 334,367 shares of the business services provider's stock valued at $2,939,000 after acquiring an additional 73,000 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Everspin Tech by 25.7% during the 1st quarter. Sei Investments Co. now owns 66,202 shares of the business services provider's stock valued at $582,000 after purchasing an additional 13,516 shares during the last quarter. Institutional investors own 44.68% of the company's stock.

Everspin Tech Company Profile

Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products for applications that require persistent data storage, fast access, high endurance and reliable operation. Unlike conventional volatile memory, MRAM retains data when power is removed, making it suitable for systems that need rapid recovery and data protection.

The company's product portfolio includes parallel and serial-peripheral-interface (SPI) MRAM, Toggle MRAM and spin-transfer torque (STT-MRAM) products.

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