Needham & Company LLC reissued their buy rating on shares of Everspin Technologies (NASDAQ:MRAM) in a research note published on Friday. The brokerage currently has a $14.00 price objective on the business services provider’s stock.
“While we are encouraged by signs that Everspin’s strategy shift of prioritizing 256Mb ST-MRAM and a realignment in its nvNitro go- to-market approach is bearing fruit, we are cutting our 2018 revenue estimate by $10 million as our prior estimate was contingent on a significant ramp in ST-MRAM (where design win unit volume visibility is currently poor). We also highlight potential variability in quarterly gross margins as licensing & royalty payments are lumpy and ST-MRAM size/timing of production is currently less clear (Toggle product mix can also affect margins). While we are lowering out PT to $14 on reduced 2018 revenue estimates we remain upbeat on Everspin’s longer term opportunities.”,” the firm’s analyst commented.
A number of other equities analysts have also commented on the company. Zacks Investment Research raised Everspin Technologies from a sell rating to a hold rating in a report on Tuesday, January 23rd. Canaccord Genuity cut their price target on Everspin Technologies from $18.00 to $15.00 and set a buy rating for the company in a report on Friday, November 17th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $14.75.
Everspin Technologies (NASDAQ:MRAM) traded down $1.09 during trading on Friday, hitting $7.92. The stock had a trading volume of 476,129 shares, compared to its average volume of 106,474. Everspin Technologies has a 52-week low of $6.40 and a 52-week high of $25.39. The company has a quick ratio of 2.27, a current ratio of 3.04 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $149.89, a price-to-earnings ratio of -4.69 and a beta of 3.61.
Everspin Technologies (NASDAQ:MRAM) last posted its quarterly earnings results on Thursday, March 15th. The business services provider reported ($0.35) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.01. Everspin Technologies had a negative return on equity of 116.87% and a negative net margin of 58.81%. The firm had revenue of $10.10 million during the quarter, compared to analyst estimates of $10.10 million. Everspin Technologies’s revenue was up 42.3% compared to the same quarter last year. research analysts forecast that Everspin Technologies will post -0.71 earnings per share for the current year.
In other Everspin Technologies news, Director Michael B. Gustafson acquired 14,286 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $7.00 per share, for a total transaction of $100,002.00. Following the completion of the transaction, the director now owns 14,286 shares of the company’s stock, valued at approximately $100,002. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kevin Conley acquired 14,285 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average price of $7.00 per share, for a total transaction of $99,995.00. Following the transaction, the insider now directly owns 24,285 shares of the company’s stock, valued at approximately $169,995. The disclosure for this purchase can be found here. 32.80% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of MRAM. Wells Fargo & Company MN purchased a new stake in shares of Everspin Technologies in the second quarter worth $322,000. Vanguard Group Inc. raised its position in shares of Everspin Technologies by 248.2% in the second quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock worth $2,774,000 after buying an additional 98,963 shares in the last quarter. Granite Investment Partners LLC purchased a new stake in shares of Everspin Technologies in the third quarter worth $560,000. EAM Investors LLC raised its position in shares of Everspin Technologies by 223.3% in the third quarter. EAM Investors LLC now owns 126,205 shares of the business services provider’s stock worth $2,157,000 after buying an additional 87,167 shares in the last quarter. Finally, B. Riley Financial Inc. raised its position in shares of Everspin Technologies by 135.2% in the third quarter. B. Riley Financial Inc. now owns 40,720 shares of the business services provider’s stock worth $696,000 after buying an additional 23,408 shares in the last quarter. Institutional investors own 17.57% of the company’s stock.
Everspin Technologies Company Profile
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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