Herald Investment Management Ltd Boosts Stock Holdings in Everspin Tech $MRAM

Key Points

• Herald Investment Management Ltd increased its stake in Everspin Tech by 12.5%, owning approximately 3.00% of the company, worth $4.24 million after purchasing an additional 75,000 shares.
• Everspin Tech's stock opened at $11.39 and has seen a twelve-month range from $4.34 to $12.27, indicating significant volatility.
• CEO Sanjeev Aggarwal sold 17,147 shares of Everspin Tech at an average price of $10.15, reducing his holdings by 2.90%.

Herald Investment Management Ltd lifted its stake in Everspin Tech (NASDAQ:MRAM - Free Report) by 12.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 675,000 shares of the business services provider's stock after purchasing an additional 75,000 shares during the period. Herald Investment Management Ltd owned about 3.00% of Everspin Tech worth $4,239,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MRAM. Bank of America Corp DE boosted 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 buying an additional 5,186 shares during the period. Two Sigma Investments LP raised its holdings in Everspin Tech by 14.4% in the fourth quarter. Two Sigma Investments LP now owns 114,917 shares of the business services provider's stock valued at $734,000 after acquiring an additional 14,428 shares in the last quarter. Rhumbline Advisers lifted its stake in Everspin Tech by 55.1% in the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider's stock worth $188,000 after acquiring an additional 13,086 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Everspin Tech by 6.6% during 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 acquiring an additional 6,294 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Everspin Tech during the 1st quarter worth approximately $133,000. Hedge funds and other institutional investors own 44.68% of the company's stock.

Everspin Tech Trading Up 9.4%

Shares of MRAM opened at $11.39 on Monday. Everspin Tech has a twelve month low of $4.34 and a twelve month high of $12.27. The firm has a market capitalization of $257.70 million, a P/E ratio of 162.71 and a beta of 0.36. The firm's 50-day moving average is $7.04 and its two-hundred day moving average is $6.25.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MRAM. Weiss Ratings restated a "hold (c-)" rating on shares of Everspin Tech in a research note on Saturday, September 27th. Wall Street Zen downgraded Everspin Tech from a "buy" rating to a "hold" rating in a report on Friday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $8.00.

Insiders Place Their Bets

In related news, CEO Sanjeev Aggarwal sold 17,147 shares of the business's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $10.15, for a total value of $174,042.05. Following the sale, the chief executive officer directly owned 574,757 shares in the company, valued at $5,833,783.55. The trade was a 2.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 20,272 shares of company stock valued at $192,963 over the last quarter. 6.90% of the stock is currently owned by corporate 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.

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