EVERSPIN TECH (NASDAQ:MRAM) Rating Increased to Buy at Wall Street Zen

Key Points

• EVERSPIN Technologies (NASDAQ: MRAM) has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen.
• The stock opened at $6.79 and has a market cap of $153.59 million, showing a price-to-earnings ratio of 97.00.
• Insider trading activity has seen CEO Sanjeev Aggarwal sell 17,327 shares, reducing their ownership by 2.77% in the company.

Wall Street Zen upgraded shares of EVERSPIN TECH (NASDAQ:MRAM - Free Report) from a hold rating to a buy rating in a research note published on Saturday.

EVERSPIN TECH Stock Performance

Shares of MRAM traded up $0.26 during mid-day trading on Friday, hitting $8.12. 274,372 shares of the company traded hands, compared to its average volume of 116,299. The stock has a 50-day moving average price of $6.52 and a two-hundred day moving average price of $5.95. EVERSPIN TECH has a 1 year low of $4.34 and a 1 year high of $8.15. The stock has a market cap of $183.67 million, a price-to-earnings ratio of 116.00 and a beta of 0.29.

Insider Transactions at EVERSPIN TECH

In related news, CEO Sanjeev Aggarwal sold 12,677 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $6.82, for a total transaction of $86,457.14. Following the completion of the sale, the chief executive officer directly owned 595,029 shares in the company, valued at approximately $4,058,097.78. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 33,129 shares of company stock worth $217,484 in the last three months. Insiders own 6.90% of the company's stock.

Institutional Trading of EVERSPIN TECH

Several large investors have recently added to or reduced their stakes in MRAM. Lynrock Lake LP grew its position in EVERSPIN TECH by 132.0% during the first quarter. Lynrock Lake LP now owns 1,586,370 shares of the business services provider's stock valued at $8,090,000 after buying an additional 902,489 shares during the period. Marshall Wace LLP bought a new stake in EVERSPIN TECH during the second quarter valued at approximately $716,000. Herald Investment Management Ltd grew its position in EVERSPIN TECH by 12.5% during the second quarter. Herald Investment Management Ltd now owns 675,000 shares of the business services provider's stock valued at $4,239,000 after buying an additional 75,000 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in EVERSPIN TECH during the second quarter valued at approximately $428,000. Finally, Jane Street Group LLC bought a new stake in EVERSPIN TECH during the second quarter valued at approximately $363,000. 44.68% of the stock is currently owned by institutional investors.

About EVERSPIN TECH

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.