Everspin Tech (NASDAQ:MRAM) Shares Pass Below 50 Day Moving Average – Time to Sell?

Everspin Tech (NASDAQ:MRAM) shares crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $22.83 and traded as low as $13.26. Everspin Tech shares last traded at $13.97, with a volume of 1,028,212 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings cut shares of Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday. Needham & Company LLC raised their price objective on Everspin Tech from $14.00 to $18.50 and gave the company a “buy” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.50.

Everspin Tech Stock Performance

The firm has a market capitalization of $339.09 million, a PE ratio of 1,447.45 and a beta of 1.88. The company has a fifty day moving average price of $22.15 and a 200-day moving average price of $16.99.

Everspin Tech (NASDAQ:MRAM) last posted its earnings results on Wednesday, April 29th. The business services provider reported $0.11 earnings per share for the quarter. The firm had revenue of $14.87 million during the quarter, compared to analyst estimates of $14.60 million. Everspin Tech had a net margin of 0.50% and a return on equity of 4.78%.

Insiders Place Their Bets

In other news, Director Glen Hawk sold 48,563 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $37.95, for a total value of $1,842,965.85. Following the sale, the director directly owned 39,551 shares in the company, valued at $1,500,960.45. The trade was a 55.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William Earl Cooper sold 11,000 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $21.75, for a total transaction of $239,250.00. Following the sale, the chief financial officer owned 161,030 shares in the company, valued at $3,502,402.50. This represents a 6.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 188,302 shares of company stock worth $5,571,695. Insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Everspin Tech

Several institutional investors have recently modified their holdings of MRAM. Raymond James Financial Inc. purchased a new position in shares of Everspin Tech in the 2nd quarter worth approximately $25,000. Kestra Advisory Services LLC bought a new stake in Everspin Tech in the fourth quarter worth $41,000. Occudo Quantitative Strategies LP purchased a new position in Everspin Tech during the second quarter worth $70,000. Fortitude Advisory Group L.L.C. purchased a new position in Everspin Tech during the first quarter worth $99,000. Finally, Algert Global LLC bought a new position in Everspin Tech during the third quarter valued at $102,000. 44.68% of the stock is owned by institutional investors.

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.