Everspin Technologies (NASDAQ:MRAM) Price Target Cut to $10.00

Everspin Technologies (NASDAQ:MRAM - Free Report) had its target price reduced by Craig Hallum from $11.00 to $10.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the business services provider's stock.

Separately, Needham & Company LLC reduced their target price on shares of Everspin Technologies from $12.00 to $8.00 and set a buy rating on the stock in a research note on Thursday.

Everspin Technologies Stock Down 13.1 %

MRAM traded down $0.98 during trading on Thursday, reaching $6.51. 430,345 shares of the company's stock were exchanged, compared to its average volume of 98,346. Everspin Technologies has a fifty-two week low of $6.11 and a fifty-two week high of $10.50. The business has a 50 day moving average price of $7.97 and a 200 day moving average price of $8.60. The company has a market capitalization of $138.21 million, a P/E ratio of 15.07 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last issued its earnings results on Wednesday, May 1st. The business services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). Everspin Technologies had a net margin of 14.20% and a return on equity of 18.96%. The firm had revenue of $14.43 million during the quarter. During the same quarter in the previous year, the company earned $0.04 EPS.

Insider Activity

In related news, Director Geoffrey G. Ribar sold 6,000 shares of the company's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $8.50, for a total transaction of $51,000.00. Following the transaction, the director now owns 88,109 shares in the company, valued at approximately $748,926.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP David Schrenk sold 5,000 shares of the company's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total transaction of $40,150.00. Following the transaction, the vice president now owns 115,767 shares in the company, valued at approximately $929,609.01. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Geoffrey G. Ribar sold 6,000 shares of the company's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $8.50, for a total transaction of $51,000.00. Following the transaction, the director now owns 88,109 shares in the company, valued at approximately $748,926.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,968 shares of company stock worth $590,033. Corporate insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRAM. Acadian Asset Management LLC lifted its position in Everspin Technologies by 16.8% during the 3rd quarter. Acadian Asset Management LLC now owns 507,115 shares of the business services provider's stock valued at $4,982,000 after purchasing an additional 73,109 shares during the period. Quadrature Capital Ltd lifted its position in Everspin Technologies by 12.4% during the 3rd quarter. Quadrature Capital Ltd now owns 31,255 shares of the business services provider's stock valued at $309,000 after purchasing an additional 3,453 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Everspin Technologies in the 3rd quarter valued at approximately $241,000. Barclays PLC acquired a new stake in shares of Everspin Technologies in the 3rd quarter valued at approximately $99,000. Finally, Silverberg Bernstein Capital Management LLC acquired a new stake in shares of Everspin Technologies in the 4th quarter valued at approximately $93,000. Institutional investors and hedge funds own 44.68% of the company's stock.

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.