Everspin Tech (NASDAQ:MRAM) Short Interest Up 20.2% in January

Everspin Tech (NASDAQ:MRAM) saw a large growth in short interest in January. As of January 30th, there was short interest totaling 637,446 shares, a growth of 20.2% from the January 15th total of 530,446 shares. Approximately 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,677,219 shares, the days-to-cover ratio is presently 0.4 days. Based on an average daily trading volume, of 1,677,219 shares, the days-to-cover ratio is presently 0.4 days. Approximately 3.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

MRAM has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Everspin Tech in a report on Monday, December 29th. Needham & Company LLC raised their target price on Everspin Tech from $8.00 to $10.50 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Wall Street Zen downgraded shares of Everspin Tech from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.50.

Insider Buying and Selling at Everspin Tech

In other Everspin Tech news, CFO William Earl Cooper sold 6,807 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $12.06, for a total value of $82,092.42. Following the sale, the chief financial officer owned 93,193 shares of the company’s stock, valued at approximately $1,123,907.58. This trade represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Everspin Tech

A number of institutional investors have recently made changes to their positions in the stock. Herald Investment Management Ltd lifted its stake in shares of Everspin Tech by 18.5% in the 3rd quarter. Herald Investment Management Ltd now owns 800,000 shares of the business services provider’s stock valued at $7,416,000 after acquiring an additional 125,000 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Everspin Tech in the second quarter worth about $428,000. Occudo Quantitative Strategies LP purchased a new position in shares of Everspin Tech in the 2nd quarter worth about $70,000. Algert Global LLC purchased a new position in shares of Everspin Tech in the third quarter worth $102,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Everspin Tech in the fourth quarter worth approximately $155,000. Institutional investors own 44.68% of the company’s stock.

Everspin Tech Stock Up 1.5%

MRAM traded up $0.16 during trading on Wednesday, hitting $11.07. 189,700 shares of the company traded hands, compared to its average volume of 1,013,697. The stock’s fifty day moving average is $11.17 and its 200 day moving average is $9.34. Everspin Tech has a one year low of $4.34 and a one year high of $17.24. The firm has a market cap of $253.13 million, a P/E ratio of -368.83 and a beta of 0.83.

About Everspin Tech

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.