ValuEngine Upgrades Everspin Technologies (NASDAQ:MRAM) to Strong-Buy

Everspin Technologies (NASDAQ:MRAM) was upgraded by investment analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report released on Thursday, ValuEngine reports.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of Everspin Technologies in a research note on Sunday, May 12th. Zacks Investment Research upgraded Everspin Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th.

Shares of Everspin Technologies stock traded up $0.02 during trading hours on Thursday, reaching $6.48. 37,589 shares of the stock traded hands, compared to its average volume of 54,647. The business’s 50 day moving average is $6.61. The company has a market capitalization of $115.98 million, a price-to-earnings ratio of -6.00 and a beta of 2.23. Everspin Technologies has a one year low of $5.30 and a one year 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 quarterly 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 business had revenue of $10.03 million during the quarter, compared to the consensus estimate of $9.70 million. Everspin Technologies had a negative return on equity of 76.21% and a negative net margin of 44.80%.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Everspin Technologies by 6.5% during the 4th quarter. BlackRock Inc. now owns 195,709 shares of the business services provider’s stock valued at $1,097,000 after buying an additional 11,959 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Everspin Technologies during the 4th quarter valued at about $80,000. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Everspin Technologies during the 4th quarter valued at about $80,000. Institutional investors and hedge funds own 40.05% of the company’s stock.

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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