EVERSPIN TECH (NASDAQ:MRAM) Upgraded by Wall Street Zen to Buy Rating

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 report published on Saturday.

EVERSPIN TECH Trading Up 12.1%

MRAM stock traded up $0.82 on Friday, hitting $7.61. The company's stock had a trading volume of 590,580 shares, compared to its average volume of 66,699. The firm has a 50 day moving average of $6.45 and a two-hundred day moving average of $5.90. EVERSPIN TECH has a 1 year low of $4.34 and a 1 year high of $7.76. The stock has a market cap of $172.14 million, a price-to-earnings ratio of 108.71 and a beta of 0.29.

Insider Buying and Selling

In related news, CEO Sanjeev Aggarwal sold 12,677 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $6.82, for a total value of $86,457.14. Following the completion of the sale, the chief executive officer owned 595,029 shares in the company, valued at $4,058,097.78. This represents a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 33,129 shares of company stock valued at $217,484. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of EVERSPIN TECH

Several institutional investors and hedge funds have recently bought and sold shares of the business. Lynrock Lake LP raised its position in EVERSPIN TECH by 132.0% in the 1st quarter. Lynrock Lake LP now owns 1,586,370 shares of the business services provider's stock valued at $8,090,000 after purchasing an additional 902,489 shares during the last quarter. Herald Investment Management Ltd increased its stake in EVERSPIN TECH by 12.5% in the 2nd 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. Northern Trust Corp increased its stake in EVERSPIN TECH by 4.0% in the 4th quarter. Northern Trust Corp now owns 157,460 shares of the business services provider's stock valued at $1,006,000 after buying an additional 6,127 shares during the period. Two Sigma Investments LP increased its stake in EVERSPIN TECH by 14.4% in the 4th quarter. Two Sigma Investments LP now owns 114,917 shares of the business services provider's stock valued at $734,000 after buying an additional 14,428 shares during the period. Finally, Marshall Wace LLP acquired a new position in EVERSPIN TECH in the 2nd quarter valued at $716,000. Hedge funds and other institutional investors own 44.68% of the company's stock.

EVERSPIN TECH Company 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.