EVERSPIN TECH (NASDAQ:MRAM) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Everspin Tech has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, indicating a cautious outlook for the stock.
• Despite the downgrade, Weiss Ratings reaffirmed a "hold (c-)" rating, with a consensus target price of $8.00 and an average rating of "Moderate Buy."
• CEO Sanjeev Aggarwal sold 17,147 shares at $10.15, decreasing his stake by 2.90%, which raises questions about insider sentiment towards the company.

EVERSPIN TECH (NASDAQ:MRAM - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Friday.

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of EVERSPIN TECH in a research note on Saturday, September 27th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, EVERSPIN TECH currently has an average rating of "Moderate Buy" and a consensus target price of $8.00.

EVERSPIN TECH Stock Performance

Shares of MRAM traded up $0.98 during mid-day trading on Friday, reaching $11.39. 1,402,017 shares of the company's stock traded hands, compared to its average volume of 206,500. The business's 50-day moving average price is $7.04 and its 200-day moving average price is $6.23. The stock has a market capitalization of $257.64 million, a P/E ratio of 162.71 and a beta of 0.36. EVERSPIN TECH has a 12 month low of $4.34 and a 12 month high of $12.27.

Insider Activity at EVERSPIN TECH

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total value of $174,042.05. Following the sale, the chief executive officer directly owned 574,757 shares in the company, valued at $5,833,783.55. The trade was a 2.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 20,272 shares of company stock valued at $192,963. 6.90% of the stock is owned by insiders.

Institutional Investors Weigh In On EVERSPIN TECH

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Lynrock Lake LP raised its position in shares of EVERSPIN TECH by 132.0% during the first quarter. Lynrock Lake LP now owns 1,586,370 shares of the business services provider's stock worth $8,090,000 after purchasing an additional 902,489 shares during the period. Herald Investment Management Ltd raised its holdings in EVERSPIN TECH by 12.5% during the 2nd quarter. Herald Investment Management Ltd now owns 675,000 shares of the business services provider's stock worth $4,239,000 after buying an additional 75,000 shares during the period. Two Sigma Investments LP raised its holdings in EVERSPIN TECH by 14.4% during the 4th quarter. Two Sigma Investments LP now owns 114,917 shares of the business services provider's stock worth $734,000 after buying an additional 14,428 shares during the period. Marshall Wace LLP acquired a new stake in EVERSPIN TECH during the 2nd quarter worth about $716,000. Finally, Qube Research & Technologies Ltd raised its holdings in shares of EVERSPIN TECH by 41.4% during the second quarter. Qube Research & Technologies Ltd now owns 103,300 shares of the business services provider's stock valued at $650,000 after acquiring an additional 30,244 shares during the period. 44.68% of the stock is owned by institutional investors and hedge funds.

EVERSPIN TECH Company Profile

Everspin Technologies, Inc engages in the manufacture and sale of magnetoresistive random access memory (MRAM) products in the United States, Japan, Hong Kong, Germany, Singapore, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for MRAM products.

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