Everspin Technologies (NASDAQ:MRAM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “Everspin Technologies, Inc. is involved in designing, manufacturing and commercially shipping discrete and embedded Magnetoresistive RAM and Spin-Torque MRAM. It serves data center, cloud storage, energy, industrial, automotive and transportation markets. Everspin Technologies, Inc. is headquartered in Chandler, Arizona. “

A number of other equities analysts also recently issued reports on MRAM. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price objective on shares of Everspin Technologies in a report on Thursday, October 12th. Canaccord Genuity decreased their price objective on Everspin Technologies from $18.00 to $15.00 and set a “buy” rating for the company in a report on Friday, November 17th. decreased their price objective on Everspin Technologies from $24.00 to $17.00 and set a “strong-buy” rating for the company in a report on Wednesday, November 15th. Finally, Needham & Company LLC decreased their price objective on Everspin Technologies from $24.00 to $17.00 and set a “strong-buy” rating for the company in a report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $16.75.

Shares of Everspin Technologies (NASDAQ:MRAM) traded up $0.03 during trading on Wednesday, hitting $7.53. The company had a trading volume of 78,600 shares, compared to its average volume of 169,550. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.27 and a current ratio of 3.04. The company has a market capitalization of $96.39 and a P/E ratio of -4.14. Everspin Technologies has a one year low of $6.69 and a one year high of $25.39.

Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Monday, November 13th. The business services provider reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. The company had revenue of $8.30 million during the quarter, compared to the consensus estimate of $9.90 million. Everspin Technologies had a negative return on equity of 108.26% and a negative net margin of 66.90%. The company’s quarterly revenue was up 31.7% on a year-over-year basis. equities analysts predict that Everspin Technologies will post -1.72 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of MRAM. Renaissance Technologies LLC bought a new position in Everspin Technologies in the first quarter worth $126,000. Royce & Associates LP bought a new position in Everspin Technologies in the second quarter worth $2,833,000. Wells Fargo & Company MN bought a new position in Everspin Technologies in the second quarter worth $322,000. Concert Wealth Management Inc. bought a new position in Everspin Technologies in the second quarter worth $264,000. Finally, Vanguard Group Inc. increased its holdings in shares of Everspin Technologies by 248.2% during the second quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock valued at $2,774,000 after acquiring an additional 98,963 shares in the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

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About Everspin Technologies

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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