Everspin Tech (NASDAQ:MRAM) Stock Rating Upgraded by Wall Street Zen

Key Points

• Everspin Technologies has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased confidence in the stock's potential.
• Insider trading activity shows that CEO Sanjeev Aggarwal sold 17,327 shares at $6.47, representing a decrease in his ownership stake.
• Several institutional investors, including Lynrock Lake LP and Herald Investment Management Ltd, have increased their positions in Everspin Tech, reflecting growing institutional interest.

Wall Street Zen upgraded shares of Everspin Tech (NASDAQ:MRAM - Free Report) from a hold rating to a buy rating in a research note released on Saturday morning.

Separately, Needham & Company LLC started coverage on Everspin Tech in a research report on Thursday, May 1st. They set a "buy" rating for the company.

Everspin Tech Stock Down 0.7%

Shares of NASDAQ:MRAM traded down $0.04 on Friday, reaching $5.94. The company had a trading volume of 74,162 shares, compared to its average volume of 112,317. Everspin Tech has a twelve month low of $4.34 and a twelve month high of $7.08. The stock has a 50-day moving average price of $6.32 and a 200 day moving average price of $5.80. The stock has a market capitalization of $134.39 million, a P/E ratio of 84.86 and a beta of 0.13.

Insider Buying and Selling

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 17,327 shares of Everspin Tech stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $6.47, for a total transaction of $112,105.69. Following the sale, the chief executive officer directly owned 607,706 shares of the company's stock, valued at approximately $3,931,857.82. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 35,150 shares of company stock worth $228,703 in the last three months. 6.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Everspin Tech

Large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 5,186 shares during the period. Two Sigma Investments LP grew its stake in shares of Everspin Tech by 14.4% in the 4th quarter. Two Sigma Investments LP now owns 114,917 shares of the business services provider's stock valued at $734,000 after purchasing an additional 14,428 shares during the period. Rhumbline Advisers grew its stake in shares of Everspin Tech by 55.1% in the 1st quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider's stock valued at $188,000 after purchasing an additional 13,086 shares during the period. Northern Trust Corp grew its position in Everspin Tech by 4.0% during the 4th quarter. Northern Trust Corp now owns 157,460 shares of the business services provider's stock worth $1,006,000 after acquiring an additional 6,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Everspin Tech by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 418,594 shares of the business services provider's stock worth $2,675,000 after acquiring an additional 16,032 shares during the last quarter. 44.68% of the stock is currently owned by institutional investors.

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.