Everspin Tech (NASDAQ:MRAM) Stock Picked Up by Analysts at Maxim Group

Equities research analysts at Maxim Group started coverage on shares of Everspin Tech (NASDAQ:MRAM) in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $25.00 price target on the business services provider’s stock. Maxim Group’s price objective would suggest a potential upside of 65.78% from the company’s previous close.

MRAM has been the topic of several other reports. Needham & Company LLC increased their price target on Everspin Tech from $18.50 to $19.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings lowered Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 25th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Everspin Tech presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Everspin Tech Price Performance

Shares of NASDAQ MRAM opened at $15.08 on Monday. The company has a market cap of $367.20 million, a P/E ratio of 72.76 and a beta of 1.88. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50. The firm has a 50-day simple moving average of $16.84 and a two-hundred day simple moving average of $19.08.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 19,572 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $19.08, for a total value of $373,433.76. Following the transaction, the chief executive officer owned 813,627 shares of the company’s stock, valued at $15,524,003.16. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO William Cooper sold 3,115 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $59,434.20. Following the completion of the transaction, the chief financial officer directly owned 154,626 shares in the company, valued at $2,950,264.08. This represents a 1.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 30,378 shares of company stock valued at $579,612. 6.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Everspin Tech

Several large investors have recently added to or reduced their stakes in MRAM. Farther Finance Advisors LLC lifted its holdings in Everspin Tech by 57.9% during the third quarter. Farther Finance Advisors LLC now owns 7,105 shares of the business services provider’s stock worth $131,000 after buying an additional 2,605 shares during the period. Fortitude Advisory Group L.L.C. increased its holdings in shares of Everspin Tech by 37.7% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 15,551 shares of the business services provider’s stock valued at $376,000 after acquiring an additional 4,261 shares during the period. Sei Investments Co. increased its holdings in shares of Everspin Tech by 25.7% in the 1st quarter. Sei Investments Co. now owns 66,202 shares of the business services provider’s stock valued at $582,000 after acquiring an additional 13,516 shares during the period. State of Wyoming purchased a new position in shares of Everspin Tech in the 1st quarter valued at $189,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Everspin Tech by 13.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 409,010 shares of the business services provider’s stock worth $3,594,000 after acquiring an additional 46,929 shares in the last quarter. 44.68% of the stock is owned by hedge funds and other institutional investors.

Everspin Tech Company Profile

Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products for applications that require persistent data storage, fast access, high endurance and reliable operation. Unlike conventional volatile memory, MRAM retains data when power is removed, making it suitable for systems that need rapid recovery and data protection.

The company’s product portfolio includes parallel and serial-peripheral-interface (SPI) MRAM, Toggle MRAM and spin-transfer torque (STT-MRAM) products.