Everspin Tech (NASDAQ:MRAM) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Everspin Tech (NASDAQ:MRAM) from a hold rating to a sell rating in a research report released on Saturday, November 11th.

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 brokerages have also recently issued reports on MRAM. Needham & Company LLC reissued a buy rating and issued a $24.00 target price on shares of Everspin Tech in a research report on Monday, August 28th. Canaccord Genuity reaffirmed a buy rating and set a $18.00 price objective (up previously from $12.00) on shares of Everspin Tech in a research report on Monday, August 14th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $18.00 price objective (down previously from $19.00) on shares of Everspin Tech in a research report on Friday, August 11th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. Everspin Tech has an average rating of Buy and an average target price of $16.75.

Everspin Tech (NASDAQ:MRAM) traded up $0.18 during mid-day trading on Friday, reaching $8.04. 171,208 shares of the company’s stock were exchanged, compared to its average volume of 162,724. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.04 and a quick ratio of 2.27. Everspin Tech has a 1 year low of $6.63 and a 1 year high of $25.39.

Everspin Tech (NASDAQ:MRAM) last announced its earnings results on Monday, November 13th. The business services provider reported ($0.43) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. The company had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $9.90 million. Everspin Tech had a negative net margin of 66.90% and a negative return on equity of 108.26%. The business’s revenue was up 31.7% on a year-over-year basis. sell-side analysts anticipate that Everspin Tech will post -1.75 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN bought a new stake in Everspin Tech during the second quarter worth about $322,000. Royce & Associates LP acquired a new position in Everspin Tech during the second quarter worth about $2,833,000. Stifel Financial Corp acquired a new position in Everspin Tech during the second quarter worth about $525,000. Bamco Inc. NY raised its stake in Everspin Tech by 15.5% during the second quarter. Bamco Inc. NY now owns 202,725 shares of the business services provider’s stock worth $4,050,000 after acquiring an additional 27,183 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Everspin Tech during the second quarter worth about $419,000. 18.94% of the stock is owned by institutional investors and hedge funds.

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About Everspin Tech

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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