Everspin Technologies (NASDAQ:MRAM) Price Target Cut to $8.00 by Analysts at Needham & Company LLC

Everspin Technologies (NASDAQ:MRAM) had its price target lowered by Needham & Company LLC from $12.00 to $8.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the business services provider’s stock.

Everspin Technologies Price Performance

Shares of NASDAQ:MRAM opened at $6.39 on Thursday. Everspin Technologies has a 1 year low of $6.11 and a 1 year high of $10.50. The stock’s 50-day moving average is $7.88 and its 200 day moving average is $8.53. The company has a market cap of $135.66 million, a PE ratio of 17.27 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM) last issued its quarterly earnings data 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 return on equity of 16.14% and a net margin of 12.77%. The company had revenue of $14.43 million during the quarter. During the same period in the previous year, the business earned $0.04 EPS.

Insider Activity at Everspin Technologies

In other Everspin Technologies news, VP David Schrenk sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total value of $40,150.00. Following the sale, the vice president now directly owns 115,767 shares of the company’s stock, valued at $929,609.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP David Schrenk sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the transaction, the vice president now owns 115,767 shares in the company, valued at $929,609.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Geoffrey G. Ribar sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.50, for a total transaction of $51,000.00. Following the sale, the director now directly owns 88,109 shares of the company’s stock, valued at approximately $748,926.50. The disclosure for this sale can be found here. Insiders sold a total of 72,968 shares of company stock valued at $590,033 in the last 90 days. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP boosted its holdings in shares of Everspin Technologies by 4.1% during the 1st quarter. GSA Capital Partners LLP now owns 70,840 shares of the business services provider’s stock valued at $561,000 after acquiring an additional 2,764 shares during the last quarter. Quadrature Capital Ltd raised its stake 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 buying an additional 3,453 shares during the last quarter. Principal Securities Inc. bought a new position in shares of Everspin Technologies during the 4th quarter valued at $32,000. Truvestments Capital LLC boosted its stake in shares of Everspin Technologies by 14.8% in the 3rd quarter. Truvestments Capital LLC now owns 35,720 shares of the business services provider’s stock worth $351,000 after buying an additional 4,609 shares during the last quarter. Finally, AJOVista LLC bought a new stake in shares of Everspin Technologies in the fourth quarter worth $43,000. 44.68% of the stock is owned by institutional investors.

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.