Everspin Technologies Inc Receives a New Rating from Top Analyst

By Austin Angelo

Canaccord Genuity analyst Matt Ramsay reiterated a Buy rating on Everspin Technologies Inc (NASDAQ: MRAM) today and set a price target of $12. The company’s shares opened today at $8.58.

According to TipRanks.com, Ramsay is a top 100 analyst with an average return of 20.2% and a 62.6% success rate. Ramsay covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Silicon Laboratories, and Applied Micro Circ.

Currently, the analyst consensus on Everspin Technologies Inc is Moderate Buy and the average price target is $11, representing a 28.2% upside.

In a report issued on March 10, Needham also reiterated a Buy rating on the stock with a $10 price target.

Based on Everspin Technologies Inc’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $7.1 million and GAAP net loss of $5.3 million. In comparison, last year the company earned revenue of $6.8 million and had a GAAP net loss of $6.25 million.

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Everspin Technologies, Inc. develops and manufactures magnetic random access memory chips. It offers non-volatile memory devices, parallel and serial interfaces, and 8-bit and 16-bit MRAM products. The firm delivers MRAM products to broad applications in the data center and storage, energy and infrastructure, and automotive and transportation markets. It also offers stand-alone and embedded MRAM products. The company was founded by Saied Tehrani in June 2008 and is headquartered in Chandler, AZ.