Renaissance Technologies LLC Purchases 73,000 Shares of Everspin Tech $MRAM

Key Points

• Renaissance Technologies increased its Everspin Technologies stake by 27.9% in the first quarter, purchasing 73,000 shares and bringing its total holding to 334,367 shares, or about 1.43% of the company.
• Institutional ownership stands at 44.68%, with several hedge funds establishing new positions. However, company insiders sold 148,843 shares worth approximately $4.8 million over the past quarter.
• Analyst sentiment remains mixed: Needham raised its price target to $19 and maintained a “Buy” rating, while Weiss Ratings downgraded the stock to “Sell.” MarketBeat’s consensus rating is “Hold,” with an average target of $19.

Renaissance Technologies LLC boosted its position in Everspin Tech (NASDAQ:MRAM - Free Report) by 27.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 334,367 shares of the business services provider's stock after purchasing an additional 73,000 shares during the quarter. Renaissance Technologies LLC owned about 1.43% of Everspin Tech worth $2,939,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 683 Capital Management LLC bought a new position in Everspin Tech during the fourth quarter worth about $1,020,000. Nano Cap New Millennium Growth Fund L P acquired a new position in Everspin Tech during the fourth quarter valued at approximately $2,204,000. Ritholtz Wealth Management bought a new stake in shares of Everspin Tech during the 4th quarter worth $286,000. WINTON GROUP Ltd bought a new position in shares of Everspin Tech in the fourth quarter worth about $156,000. Finally, Trexquant Investment LP acquired a new position in Everspin Tech during the 4th quarter worth approximately $156,000. 44.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on MRAM. Needham & Company LLC raised their target price on shares of Everspin Tech from $18.50 to $19.00 and gave the company a "buy" rating in a research report on Thursday. Weiss Ratings downgraded shares of Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Everspin Tech currently has a consensus rating of "Hold" and an average target price of $19.00.

Insiders Place Their Bets

In related news, Director Darin G. Billerbeck sold 30,000 shares of Everspin Tech stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $37.16, for a total transaction of $1,114,800.00. Following the sale, the director directly owned 124,073 shares in the company, valued at $4,610,552.68. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Geoffrey G. Ribar sold 27,488 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $28.87, for a total transaction of $793,578.56. Following the completion of the transaction, the director owned 94,063 shares of the company's stock, valued at approximately $2,715,598.81. This trade represents a 22.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 148,843 shares of company stock worth $4,775,218 over the last quarter. 6.30% of the stock is currently owned by corporate insiders.

Everspin Tech Trading Up 6.3%

NASDAQ:MRAM opened at $16.64 on Friday. The stock has a market cap of $405.18 million, a P/E ratio of -151.26 and a beta of 1.94. The stock's 50-day moving average is $20.32 and its 200-day moving average is $17.12. Everspin Tech has a 1-year low of $5.86 and a 1-year high of $51.50.

Everspin Tech 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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