EVERSPIN TECH (NASDAQ:MRAM) Raised to "Buy" at Wall Street Zen

Key Points

• EVERSPIN TECH (NASDAQ:MRAM) has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating a positive outlook for the company's stock.
• The company's average price target is set at $8.00, with a consensus rating of "Moderate Buy" based on recent analyst evaluations.
• Despite the upgrade, EVERSPIN TECH shares fell by 7.7%, with the stock trading at $10.61 as of the latest report.

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

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

EVERSPIN TECH Trading Down 7.7%

NASDAQ MRAM opened at $10.61 on Friday. The business's 50 day moving average is $7.52 and its two-hundred day moving average is $6.44. EVERSPIN TECH has a 12-month low of $4.34 and a 12-month high of $12.27. The stock has a market capitalization of $240.00 million, a price-to-earnings ratio of 151.57 and a beta of 0.36.

EVERSPIN TECH (NASDAQ:MRAM - Get Free Report) last released its earnings results on Wednesday, August 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.06). EVERSPIN TECH had a return on equity of 2.65% and a net margin of 3.19%.The business had revenue of $13.20 million for the quarter, compared to analyst estimates of $13.00 million.

Insider Transactions at EVERSPIN TECH

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $10.15, for a total value of $174,042.05. Following the sale, the chief executive officer owned 574,757 shares of the company's stock, valued at approximately $5,833,783.55. This represents a 2.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 20,272 shares of company stock valued at $192,963. 6.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EVERSPIN TECH

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in EVERSPIN TECH in the 2nd quarter valued at approximately $25,000. Silverberg Bernstein Capital Management LLC purchased a new stake in EVERSPIN TECH in the 2nd quarter valued at approximately $68,000. Occudo Quantitative Strategies LP purchased a new stake in EVERSPIN TECH in the 2nd quarter valued at approximately $70,000. Bank of America Corp DE lifted its stake in EVERSPIN TECH by 43.0% in the 4th quarter. Bank of America Corp DE now owns 17,251 shares of the business services provider's stock valued at $110,000 after buying an additional 5,186 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in EVERSPIN TECH in the 1st quarter valued at approximately $133,000. Hedge funds and other institutional investors own 44.68% of the company's stock.

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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