Lynrock Lake LP Increases Stock Holdings in Everspin Tech $MRAM

Key Points

• Lynrock Lake LP increased its stake in Everspin Tech by 132.0%, acquiring an additional 902,489 shares, which now makes up about 0.8% of its portfolio and positions Everspin as its 16th largest holding.
• Wall Street analysts upgraded Everspin Tech from a "hold" to a "buy" rating, contributing to an average rating of "Buy" and an average price target of $8.00.
• Everspin Tech's stock has recently decreased by 2.1%, currently trading at $6.43 with a market capitalization of $145.45 million.

Lynrock Lake LP boosted its position in Everspin Tech (NASDAQ:MRAM - Free Report) by 132.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,586,370 shares of the business services provider's stock after buying an additional 902,489 shares during the period. Everspin Tech makes up approximately 0.8% of Lynrock Lake LP's investment portfolio, making the stock its 16th largest holding. Lynrock Lake LP owned 7.06% of Everspin Tech worth $8,090,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MRAM. Hsbc Holdings PLC lifted its position in Everspin Tech by 49.4% during the first quarter. Hsbc Holdings PLC now owns 34,122 shares of the business services provider's stock valued at $173,000 after purchasing an additional 11,282 shares during the period. Nuveen LLC purchased a new stake in Everspin Tech in the 1st quarter worth approximately $133,000. Bank of New York Mellon Corp boosted its position in Everspin Tech by 6.6% in the 1st quarter. Bank of New York Mellon Corp now owns 101,384 shares of the business services provider's stock worth $517,000 after purchasing an additional 6,294 shares in the last quarter. Rhumbline Advisers lifted 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. Finally, Wolverine Trading LLC purchased a new stake in Everspin Tech during the fourth quarter worth $71,000. 44.68% of the stock is owned by hedge funds and other institutional investors.

Everspin Tech Stock Performance

Shares of MRAM stock traded up $0.11 on Friday, reaching $6.51. 54,038 shares of the company were exchanged, compared to its average volume of 106,531. Everspin Tech has a 1 year low of $4.34 and a 1 year high of $7.08. The business has a 50-day moving average price of $6.42 and a 200 day moving average price of $5.85. The company has a market cap of $147.26 million, a price-to-earnings ratio of 93.00 and a beta of 0.29.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Everspin Tech from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Everspin Tech currently has an average rating of "Buy" and an average target price of $8.00.

Insider Buying and Selling

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 12,677 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $6.82, for a total transaction of $86,457.14. Following the completion of the transaction, the chief executive officer owned 595,029 shares of the company's stock, valued at $4,058,097.78. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 33,129 shares of company stock worth $217,484. 6.90% of the stock is currently owned by insiders.

Everspin Tech 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.