The stock for Everspin Technologies, which designs, manufactures, and sells MRAM in the data center, cloud storage, and auto markets, is rallying enough to have caught the eye of investors and analysts. In June, Stifel Financial issued a “buy” rating for the company stock, as well as raising the price objective from $11 to $19. Zacks Investment Research modified their rating to “hold,” and other financial researchers jumped on the bandwagon, too. In short, things are looking up for Everspin these days.
Stifel Financial, co-chaired by Thomas Weisel and Ronald J. Kruszewski, is joined by three other analysts in labeling Everspin as a strong buy. Additionally, analysts are reporting positive movement in the stock’s health and overall performance.
Based in Chandler, Arizona, Everspin deploys more than 70 million MRAM products in a variety of markets. Everspin went live in October of 2016 based on $80.29 million earned over seven rounds of funding.
It’s a far cry from where Everspin was earlier this year. At its lowest, Everspin stock reached $6.15 per share. Now, however, it’s rallied 244.39%, trading at $21.18. In other ways as well, Everspin is on the upswing:
- Everspin’s Value Composite Two, based on price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings and shareholder yield, is 87. A score of 100 is considered the highest.
- Everspin’s Value Composite One, which is used to determine a company’s value, is 90. Here as well, a top score is 100.
- Everspin’s current 10-month price index is 2.49127. A ratio over one indicates a price increase.
- Institutional investors, including AWM Investment Company, Cooper Creek Partners Management LLC, and Driehaus Capital Management LLC, currently hold a total of about $55 million in the company, or 58.3% in MRAM stock.
In fact, by the end of March, 12 institutional holders had increased their positions by about 580,102 shares. The stock also earned ten new institutional investments during the same period.
As with any stock, Everspin is open to further fluctuation—particularly in the midst of an uncertain market. For the moment, however, the company is definitely making positive strides toward a robust and profitable future.