Zacks Investment Research Lowers Everspin Technologies (NASDAQ:MRAM) to Sell

Zacks Investment Research downgraded shares of Everspin Technologies (NASDAQ:MRAM) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Separately, Needham & Company LLC reaffirmed a buy rating and set a $5.00 price target on shares of SCYNEXIS in a report on Sunday, May 12th.

NASDAQ:MRAM opened at $6.21 on Wednesday. The company has a fifty day moving average of $6.68. Everspin Technologies has a 12-month low of $5.30 and a 12-month high of $11.20. The company has a quick ratio of 1.84, a current ratio of 2.55 and a debt-to-equity ratio of 0.34.

Everspin Technologies (NASDAQ:MRAM) last released its earnings results on Wednesday, May 8th. The business services provider reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.01. The firm had revenue of $10.03 million during the quarter, compared to analyst estimates of $9.70 million. Everspin Technologies had a negative return on equity of 76.21% and a negative net margin of 44.80%. Equities research analysts predict that Everspin Technologies will post -1.06 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MRAM. D. E. Shaw & Co. Inc. purchased a new stake in Everspin Technologies during the 4th quarter worth about $80,000. Bank of New York Mellon Corp purchased a new stake in Everspin Technologies during the 4th quarter worth about $80,000. BlackRock Inc. lifted its holdings in Everspin Technologies by 6.5% during the 4th quarter. BlackRock Inc. now owns 195,709 shares of the business services provider’s stock worth $1,097,000 after buying an additional 11,959 shares during the last quarter. Finally, Raging Capital Management LLC lifted its holdings in Everspin Technologies by 91.7% during the 4th quarter. Raging Capital Management LLC now owns 1,485,433 shares of the business services provider’s stock worth $8,333,000 after buying an additional 710,433 shares during the last quarter. 40.06% of the stock is owned by institutional investors.

About Everspin Technologies

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products to customers in the United States, Japan, China, Germany, Singapore, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and embedded MRAM products, as well as magnetic sensors and aerospace and satellite electronic systems.

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