Everspin Tech’s (NASDAQ:MRAM) Buy Rating Reaffirmed at Stifel Nicolaus
Everspin Tech (NASDAQ:MRAM)‘s stock had its “buy” rating reaffirmed by equities researchers at Stifel Nicolaus in a research report issued to clients and investors on Friday. They currently have a $18.00 price target on the business services provider’s stock, down from their prior price target of $19.00. Stifel Nicolaus’ target price suggests a potential upside of 18.19% from the stock’s previous close.
A number of other research firms also recently weighed in on MRAM. Zacks Investment Research downgraded Everspin Tech from a “hold” rating to a “sell” rating in a report on Friday, April 14th. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of Everspin Tech in a report on Monday, June 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $13.00.
Everspin Tech (MRAM) traded down 4.2626% during trading on Friday, reaching $14.5808. 156,881 shares of the company traded hands. Everspin Tech has a 12 month low of $6.15 and a 12 month high of $25.39. The company’s 50-day moving average is $20.84 and its 200 day moving average is $13.06. The company’s market cap is $182.39 million.
Everspin Tech (NASDAQ:MRAM) last posted its earnings results on Thursday, August 10th. The business services provider reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.38) by $0.02. The firm had revenue of $8.93 million during the quarter, compared to the consensus estimate of $8.75 million. On average, analysts anticipate that Everspin Tech will post ($1.45) earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC increased its position in Everspin Tech by 10.4% in the first quarter. Mutual of America Capital Management LLC now owns 302,449 shares of the business services provider’s stock worth $2,535,000 after buying an additional 28,472 shares during the period. Herald Investment Management Ltd bought a new position in Everspin Tech during the first quarter worth approximately $1,223,000. Royce & Associates LP bought a new position in Everspin Tech during the second quarter worth approximately $2,833,000. Unterberg Capital LLC bought a new position in Everspin Tech during the fourth quarter worth approximately $968,000. Finally, Mesirow Financial Investment Management Equity Management acquired a new position in Everspin Tech during the first quarter worth about $417,000. 40.12% of the stock is owned by institutional investors and hedge funds.
Everspin Tech Company Profile
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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