Zacks: Everspin Tech (MRAM) Receives Consensus Rating of “Strong Buy” from Brokerages

Everspin Tech (NASDAQ:MRAM) has been given a consensus broker rating score of 1.00 (Strong Buy) from the three analysts that cover the company, Zacks Investment Research reports. Three investment analysts have rated the stock with a strong buy rating.

Brokers have set a 12-month consensus price objective of $18.33 for the company and are anticipating that the company will post ($0.42) earnings per share for the current quarter, according to Zacks. Zacks has also given Everspin Tech an industry rank of 114 out of 265 based on the ratings given to related companies.

MRAM has been the subject of several analyst reports. Needham & Company LLC dropped their price target on shares of Everspin Tech from $24.00 to $17.00 and set a “strong-buy” rating for the company in a research note on Tuesday. Canaccord Genuity reaffirmed a “buy” rating and set a $18.00 price target (up previously from $12.00) on shares of Everspin Tech in a research note on Monday, August 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $18.00 price target (down previously from $19.00) on shares of Everspin Tech in a research note on Friday, August 11th. Finally, Zacks Investment Research downgraded shares of Everspin Tech from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th.

Shares of Everspin Tech (MRAM) traded up $0.47 during trading hours on Friday, reaching $9.62. 281,400 shares of the company traded hands, compared to its average volume of 160,293. The company has a quick ratio of 3.57, a current ratio of 4.47 and a debt-to-equity ratio of 0.63. Everspin Tech has a fifty-two week low of $6.63 and a fifty-two week high of $25.39.

Everspin Tech (NASDAQ:MRAM) last issued its quarterly earnings data on Monday, November 13th. The business services provider reported ($0.43) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.02. The company had revenue of $8.30 million during the quarter, compared to the consensus estimate of $9.90 million. Everspin Tech’s revenue for the quarter was up 31.7% on a year-over-year basis. research analysts forecast that Everspin Tech will post -1.79 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in MRAM. Renaissance Technologies LLC bought a new position in shares of Everspin Tech during the first quarter valued at $126,000. Royce & Associates LP bought a new position in shares of Everspin Tech during the second quarter valued at $2,833,000. Wells Fargo & Company MN acquired a new stake in shares of Everspin Tech during the second quarter worth $322,000. Concert Wealth Management Inc. acquired a new stake in shares of Everspin Tech during the second quarter worth $264,000. Finally, Vanguard Group Inc. increased its position in shares of Everspin Tech by 248.2% during 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 during the period. 28.28% of the stock is owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: “Zacks: Everspin Tech (MRAM) Receives Consensus Rating of “Strong Buy” from Brokerages” was originally posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this story on another website, it was stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this story can be read at https://www.chaffeybreeze.com/2017/11/14/zacks-everspin-tech-mram-receives-consensus-rating-of-strong-buy-from-brokerages.html.

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.

Get a free copy of the Zacks research report on Everspin Tech (MRAM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Everspin Tech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Everspin Tech and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply