Everspin Technologies (NASDAQ:MRAM) Price Target Cut to $10.00 by Analysts at Craig Hallum

Everspin Technologies (NASDAQ:MRAM) had its target price cut by analysts at Craig Hallum from $11.00 to $10.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Craig Hallum’s price objective would suggest a potential upside of 56.74% from the stock’s current price.

Separately, Needham & Company LLC lowered their target price on Everspin Technologies from $12.00 to $8.00 and set a “buy” rating for the company in a report on Thursday.

Everspin Technologies Stock Performance

Shares of Everspin Technologies stock traded down $1.11 during midday trading on Thursday, hitting $6.38. 214,796 shares of the company traded hands, compared to its average volume of 95,755. The firm’s fifty day moving average price is $7.97 and its 200-day moving average price is $8.60. The stock has a market cap of $135.45 million, a price-to-earnings ratio of 15.07 and a beta of 0.99. Everspin Technologies has a 12 month low of $6.11 and a 12 month high of $10.50.

Everspin Technologies (NASDAQ:MRAM) last posted its earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The company had revenue of $14.43 million for the quarter. Everspin Technologies had a return on equity of 18.96% and a net margin of 14.20%. During the same quarter in the previous year, the firm posted $0.04 earnings per share.

Insider Buying and Selling at Everspin Technologies

In related news, VP David Schrenk sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total transaction of $40,150.00. Following the completion of the transaction, the vice president now directly owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP David Schrenk sold 5,000 shares of Everspin Technologies stock in a transaction that occurred 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 transaction, 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 legal filing with the SEC, which is available through this hyperlink. Also, CFO Anuj Aggarwal sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total transaction of $164,200.00. Following the sale, the chief financial officer now directly owns 302,824 shares of the company’s stock, valued at approximately $2,486,185.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,968 shares of company stock worth $590,033. 6.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Everspin Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of MRAM. Principal Securities Inc. bought a new position in shares of Everspin Technologies in the 4th quarter worth about $32,000. AJOVista LLC bought a new stake in Everspin Technologies in the fourth quarter worth approximately $43,000. Silverberg Bernstein Capital Management LLC acquired a new position in Everspin Technologies in the fourth quarter valued at approximately $93,000. Barclays PLC bought a new position in shares of Everspin Technologies during the 3rd quarter worth approximately $99,000. Finally, Trexquant Investment LP acquired a new stake in shares of Everspin Technologies during the 4th quarter worth approximately $171,000. Institutional investors and hedge funds own 44.68% of the company’s stock.

Everspin Technologies 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.