Needham analyst Rajvindra Gill maintained a Buy rating on Everspin Technologies Inc (NASDAQ: MRAM) today and set a price target of $14. The company’s shares opened today at $8.90.
Gill commented:
“We maintain our $14 PT . Entering into 3Q, MRAM experienced less wafer output from its 200mm fab as yields were below normal. The product mix shifted to auto/industrial which require additional testing and constrain their ability meet demand. We expect a gradual improvement in yields in 3Q and ramp further in 4Q as capacity comes online. Net, with the IBM 9100 FlashSystem ramping and consistent Y/Y growth in core Toggle (+40% Y/Y), we believe MRAM remains a long-term play on disruptive memory technology.”
According to TipRanks.com, Gill is a top 100 analyst with an average return of 21.0% and a 69.0% 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 $14.
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Based on Everspin Technologies Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $1.28 million. In comparison, last year the company had a GAAP net loss of $5.19 million.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock.
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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.
