B. Riley Financial Inc. increased its stake in shares of Everspin Tech (NASDAQ:MRAM) by 135.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,720 shares of the business services provider’s stock after purchasing an additional 23,408 shares during the quarter. B. Riley Financial Inc. owned 0.32% of Everspin Tech worth $696,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in Everspin Tech in the first quarter worth $126,000. Royce & Associates LP purchased a new position in Everspin Tech in the second quarter worth $2,833,000. Wells Fargo & Company MN purchased a new position in Everspin Tech in the second quarter worth $322,000. Concert Wealth Management Inc. purchased a new position in Everspin Tech in the second quarter worth $264,000. Finally, Vanguard Group Inc. raised its position in Everspin Tech 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 acquiring an additional 98,963 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have issued reports on MRAM shares. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price objective on shares of Everspin Tech in a research report on Thursday, October 12th. Zacks Investment Research cut Everspin Tech from a “hold” rating to a “sell” rating in a research report on Saturday, November 11th. Needham & Company LLC reiterated a “buy” rating and issued a $24.00 price objective on shares of Everspin Tech in a research report on Monday, August 28th. cut their price objective on Everspin Tech from $24.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Wednesday, November 15th. Finally, Canaccord Genuity cut their price objective on Everspin Tech from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, November 17th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. Everspin Tech has a consensus rating of “Buy” and an average price target of $16.75.
Everspin Tech (NASDAQ:MRAM) last released its quarterly earnings data on Monday, November 13th. The business services provider reported ($0.43) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.02. Everspin Tech had a negative return on equity of 108.26% and a negative net margin of 66.90%. The firm had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $9.90 million. The company’s revenue was up 31.7% compared to the same quarter last year. analysts predict that Everspin Tech will post -1.75 EPS for the current fiscal year.
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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