Everspin Tech $MRAM Holdings Lowered by Royal Bank of Canada

Royal Bank of Canada reduced its stake in Everspin Tech (NASDAQ:MRAM) by 39.5% in the first quarter, HoldingsChannel reports. The fund owned 99,987 shares of the business services provider’s stock after selling 65,346 shares during the quarter. Royal Bank of Canada’s holdings in Everspin Tech were worth $879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MRAM. Raymond James Financial Inc. acquired a new position in shares of Everspin Tech during the second quarter valued at approximately $25,000. Kestra Advisory Services LLC bought a new stake in Everspin Tech during the fourth quarter worth approximately $41,000. Algert Global LLC acquired a new stake in Everspin Tech in the third quarter worth approximately $102,000. Occudo Quantitative Strategies LP acquired a new stake in Everspin Tech in the second quarter worth approximately $70,000. Finally, Fortitude Advisory Group L.L.C. bought a new position in Everspin Tech during the 1st quarter valued at $99,000. 44.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Sanjeev Aggarwal sold 30,885 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total transaction of $689,970.90. Following the completion of the sale, the chief executive officer directly owned 839,561 shares of the company’s stock, valued at $18,755,792.74. This represents a 3.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William Earl Cooper sold 1,549 shares of Everspin Tech stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total value of $34,604.66. Following the completion of the transaction, the chief financial officer directly owned 149,481 shares in the company, valued at $3,339,405.54. This represents a 1.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,792 shares of company stock worth $732,573 over the last ninety days. 6.30% of the stock is owned by insiders.

Everspin Tech Stock Performance

Shares of NASDAQ:MRAM opened at $17.11 on Friday. The company has a market capitalization of $416.63 million, a PE ratio of -155.53 and a beta of 1.94. The stock has a fifty day moving average of $18.62 and a 200-day moving average of $17.36. Everspin Tech has a one year low of $6.12 and a one year high of $51.50.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MRAM. Needham & Company LLC lifted their price target on Everspin Tech from $18.50 to $19.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded Everspin Tech from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Everspin Tech presently has a consensus rating of “Hold” and a consensus price target of $19.00.

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.