Zacks Investment Research upgraded shares of Everspin Technologies (NASDAQ:MRAM) from a sell rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $8.00 price objective on the business services provider’s stock.
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. “
MRAM has been the topic of several other research reports. Needham & Company LLC reiterated a buy rating and issued a $14.00 target price on shares of Everspin Technologies in a research report on Wednesday, February 20th. ValuEngine upgraded shares of Everspin Technologies from a hold rating to a buy rating in a research report on Tuesday, January 29th.
Shares of NASDAQ MRAM traded down $0.18 during trading on Wednesday, hitting $7.36. The company had a trading volume of 2,043 shares, compared to its average volume of 77,407. Everspin Technologies has a fifty-two week low of $5.30 and a fifty-two week high of $11.20. The firm has a market cap of $129.86 million, a price-to-earnings ratio of -6.90 and a beta of 2.48. The company has a quick ratio of 2.32, a current ratio of 2.55 and a debt-to-equity ratio of 0.34.
Everspin Technologies (NASDAQ:MRAM) last announced its earnings results on Wednesday, May 8th. The business services provider reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.01. Everspin Technologies had a negative net margin of 44.80% and a negative return on equity of 76.21%. The business had revenue of $10.03 million for the quarter, compared to analyst estimates of $9.70 million. Equities research analysts anticipate that Everspin Technologies will post -0.9 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new position in Everspin Technologies during the fourth quarter worth about $61,000. Citigroup Inc. purchased a new stake in Everspin Technologies during the 1st quarter worth approximately $65,000. Bank of New York Mellon Corp purchased a new stake in Everspin Technologies during the 4th quarter worth approximately $80,000. D. E. Shaw & Co. Inc. purchased a new stake in Everspin Technologies during the 4th quarter worth approximately $80,000. Finally, Raymond James & Associates purchased a new stake in Everspin Technologies during the 1st quarter worth approximately $87,000. Hedge funds and other institutional investors own 40.50% of the company’s stock.
Everspin Technologies Company Profile
Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products to customers in the United States and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, embedded MRAM, magnetic sensor, and aerospace and satellite electronic systems. The company provides its products for applications, including industrial, automotive, transportation, and enterprise storage markets.
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