Everspin Technologies Inc Receives a Buy from Needham


In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Everspin Technologies Inc (NASDAQ: MRAM), with a price target of $14. The company’s shares opened today at $8.94, close to its 52-week low of $6.40.

Gill noted:

“We maintain our $14 price target following a solid quarter and guide. MRAM generated $5.5MM in a combination of royalty and licensing, which included an upfront licensing fee from Alps (multi-year agreement to license magnetoresistive-based 3D sensor patent portfolio). This is a one- time event, and we don’t model it going forward. More importantly, the core Toggle business grew another 28% Y/Y, after growing 27% Y/Y last quarter driven by adoption of MRAM for industrial, automotive and storage. We like the Everspin and SMART Modular agreement, which jointly developed NVMe controller technology using STT- MRAM.”

According to TipRanks.com, Gill is a top 100 analyst with an average return of 21.0% and a 66.8% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Smart Global Holdings Inc, Adesto Technologies Corp, and Silicon Laboratories.

Everspin Technologies Inc has an analyst consensus of Moderate Buy, with a price target consensus of $13.50.

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Based on Everspin Technologies Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $4.38 million. In comparison, last year the company had a GAAP net loss of $6.09 million.

Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MRAM in relation to earlier this year.

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Everspin Technologies, Inc. engages in the provision of magnetoresistive random access memory (MRAM) solutions. Its products store data as a magnetic state and is offered as either a discrete or embedded solution.

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