Everspin Technologies, Inc. (NASDAQ:MRAM) Sees Significant Growth in Short Interest

Everspin Technologies, Inc. (NASDAQ:MRAM - Get Free Report) was the target of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 773,800 shares, an increase of 24.6% from the March 31st total of 621,000 shares. Based on an average trading volume of 102,800 shares, the short-interest ratio is currently 7.5 days. Approximately 4.6% of the company's shares are short sold.

Insider Transactions at Everspin Technologies

In other news, CEO Sanjeev Aggarwal sold 16,845 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $5.00, for a total transaction of $84,225.00. Following the completion of the sale, the chief executive officer now directly owns 637,983 shares of the company's stock, valued at $3,189,915. The trade was a 2.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 54,422 shares of company stock worth $285,429 in the last three months. Company insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Everspin Technologies by 1.5% during the third quarter. State Street Corp now owns 219,393 shares of the business services provider's stock worth $1,294,000 after purchasing an additional 3,298 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Everspin Technologies in the 3rd quarter worth approximately $82,000. Barclays PLC increased its holdings in shares of Everspin Technologies by 157.9% in the 3rd quarter. Barclays PLC now owns 52,654 shares of the business services provider's stock valued at $310,000 after acquiring an additional 32,240 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Everspin Technologies by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 412,879 shares of the business services provider's stock valued at $2,437,000 after acquiring an additional 1,941 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Everspin Technologies by 49.3% during the third quarter. JPMorgan Chase & Co. now owns 58,668 shares of the business services provider's stock worth $346,000 after purchasing an additional 19,367 shares during the last quarter. 44.68% of the stock is owned by institutional investors and hedge funds.

Everspin Technologies Trading Down 2.4 %

Shares of MRAM traded down $0.14 during midday trading on Friday, reaching $5.78. 56,923 shares of the company were exchanged, compared to its average volume of 121,592. Everspin Technologies has a 1-year low of $4.34 and a 1-year high of $7.00. The stock has a 50-day moving average price of $5.18 and a 200-day moving average price of $5.83. The company has a market cap of $129.19 million, a price-to-earnings ratio of 96.33 and a beta of 0.62.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). The company had revenue of $13.20 million during the quarter, compared to analysts' expectations of $12.50 million. Everspin Technologies had a return on equity of 2.74% and a net margin of 2.85%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MRAM. Needham & Company LLC started coverage on Everspin Technologies in a research note on Thursday. They set a "buy" rating for the company. StockNews.com lowered shares of Everspin Technologies from a "buy" rating to a "hold" rating in a report on Friday, February 28th.

About Everspin Technologies

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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