Everspin Tech $MRAM Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Everspin Technologies stake by 39.5% in the first quarter, selling 65,346 shares and retaining 99,987 shares valued at approximately $879,000.
• Analyst sentiment remains mixed: Needham raised its price target to $19 and maintained a “Buy” rating, while Weiss Ratings slightly improved its rating to “sell (d+).” MarketBeat lists a consensus “Hold” rating with a $19 average target price.
• Everspin insiders sold 32,792 shares worth approximately $732,573 over the past 90 days, while the stock opened at $17.11 and has traded between $6.12 and $51.50 over the past year.

Royal Bank of Canada decreased its position in shares of Everspin Tech (NASDAQ:MRAM - Free Report) by 39.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,987 shares of the business services provider's stock after selling 65,346 shares during the period. Royal Bank of Canada owned about 0.43% of Everspin Tech worth $879,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MRAM. Rhumbline Advisers grew its stake in shares of Everspin Tech by 55.1% during the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider's stock valued at $188,000 after acquiring an additional 13,086 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Everspin Tech in the second quarter valued at about $164,000. Marshall Wace LLP purchased a new position in Everspin Tech in the second quarter valued at about $716,000. Jump Financial LLC acquired a new stake in Everspin Tech during the 2nd quarter valued at approximately $159,000. Finally, Qube Research & Technologies Ltd grew its stake in Everspin Tech by 41.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 103,300 shares of the business services provider's stock valued at $650,000 after purchasing an additional 30,244 shares in the last quarter. Institutional investors and hedge funds own 44.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MRAM shares. Weiss Ratings raised Everspin Tech from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Needham & Company LLC upped their price objective on Everspin Tech from $18.50 to $19.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $19.00.

Insider Activity at Everspin Tech

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 30,885 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total transaction of $689,970.90. Following the completion of the transaction, the chief executive officer owned 839,561 shares in the company, valued at approximately $18,755,792.74. The trade was a 3.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William Earl Cooper sold 1,549 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total value of $34,604.66. Following the transaction, the chief financial officer owned 149,481 shares of the company's stock, valued at $3,339,405.54. This trade represents a 1.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 32,792 shares of company stock worth $732,573. 6.30% of the stock is owned by insiders.

Everspin Tech Trading Up 0.8%

Shares of NASDAQ:MRAM opened at $17.11 on Friday. The firm's 50 day moving average is $18.62 and its two-hundred day moving average is $17.36. Everspin Tech has a 52 week low of $6.12 and a 52 week high of $51.50. The firm has a market capitalization of $416.63 million, a P/E ratio of -155.53 and a beta of 1.94.

Everspin Tech Company Profile

Everspin Technologies, Inc NASDAQ: MRAM is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin's non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company's product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM's fast write speeds and low power consumption.

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